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July 15, 2020, 12:21 p.m. EDT

Forescout stock rallies as deal to go private is back on

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By Wallace Witkowski

Forescout Technologies Inc. shares rallied Wednesday after the cybersecurity company said its deal to be taken private by Advent International was back on but at a lower price. Forescout shares surged 15% to $28.89 in recent trading. Forescout said Advent will acquire it for $29 a share, putting an end to a lawsuit that arose when it looked like the original deal was falling apart. Back in February, Forescout agreed to be taken private by Advent for $33 a share, or $1.9 billion, but by May, Forescout said the deal was being delayed. Under the new agreement, Advent will begin a tender offer for Forescout shares on or before July 20 with the deal expected to close in the third quarter.

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