Dayforce Receives Overwhelming Stockholder Approval for $12.3 Billion Buyout by Thoma Bravo
(Reuters) – Dayforce has announced that it has garnered strong support from stockholders for a proposed $12.3 billion acquisition by Thoma Bravo, despite initial concerns from its largest shareholder.
The results of a special meeting held on Wednesday revealed that approximately 88.4% of votes were in favor of the Thoma Bravo deal, indicating widespread approval from investors.
The software industry has become an attractive investment opportunity due to its resilient subscription services and recurring revenue, particularly in a challenging economic climate marked by labor market instability, trade tariffs, and unpredictable spending patterns.
T. Rowe Price Associates, holding a 15.7% stake in Dayforce, had initially expressed opposition to the transaction in October, citing the offer as “underwhelming” and a strategic move to capitalize on short-term market pessimism in the sector.
In August, Thoma Bravo had announced its intention to acquire Dayforce to enhance its software portfolio, banking on the strength of recurring revenue business models to navigate through uncertain economic conditions.
The merger is anticipated to be finalized either towards the end of this year or in early 2026. Shareholders of Dayforce are set to receive $70 per share in cash as part of the agreement.
‌(Reporting by Juby Babu in Mexico City;‌ Editing by Shailesh Kuber)
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