The offer is a 100.4% premium to the closing share price on Oct. 12, the day before ELMO announced it had received approaches expressing interest in a takeover. ELMO's shares on Wednesday shot 41% higher, erasing a 27% loss incurred so far in 2022 ahead of the takeover. The bid was recommended to shareholders by ELMO's independent board committee, the company said. ELMO's chief executive Danny Lessem, who owns 11% of the company's stock, will vote in favour of the deal. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today.
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