AI Generated Image
Workday shares post best day in 10 years on Silver Lake takeover report
CNBC • • business
Key Points:
- Workday shares surged nearly 18%, marking their best day since 2016, following reports that private equity firm Silver Lake is in talks to acquire the human resources software company.
- Trading of Workday shares was halted multiple times, and the company's market value closed at nearly $51 billion after the acquisition news broke.
- The acquisition discussions have been ongoing for several months, although neither Workday nor Silver Lake has commented on the reports.
- Despite recent concerns about AI disrupting software business models, Workday's stock has rebounded from a selloff, aided by better-than-expected earnings and an optimistic AI-driven forecast.
- Leadership changes occurred in March with co-founder Aneel Bhusri resuming the CEO role, and his established relationship with Silver Lake's Egon Durban is seen as a positive factor in the potential deal.
