Envestnet stock soars as bidder offers $70 per share

Investment (NYSE:ENV) increased by 1.4% after it was revealed behind its proposed $4.5 billion sale to Bain Capital that another bidder had offered $70 per share.

On June 22, “Strategic Party A” proposed a non-binding proposal of $70 per share in cash, although The offer was conditional on the sale of Envestnet’s D&A business, according to a file on Wednesday.

The unidentified acquirer said it expected to finalize financing arrangements within three to four weeks and requested a four-week exclusivity period. Envestnet’s board was concerned about the uncertainty surrounding the acquirer’s receipt of committed financing and the condition of the sale of the D&A business.

Envestnet (ENV) announced last month that Envestnet had agreed to be acquired by Bain Capital for $63.15 per share.