A top Coupa Software (NASDAQ:COUP) shareholder said the software firm should be able to garner at least $95 a share after it received takeover interest.
HMI Capital Management, which has a 4.8% stake in Coupa (COUP), won’t support a deal unless it’s at the right price and follows a sale process, the investor wrote in the a letter to Coupa’s board, according to traders, who cited a Bloomberg report.
The letter comes after Coupa (COUP) shares surged almost 30% on Nov. 23 after Bloomberg reported that private equity firm Vista Equity was said to be exploring a possible purchase and had held talks with the company. Coupa shares had plunged 71% this year prior to the news of the potential bid.
On Thursday another top Coupa (COUP) holder disclosed that it reached out to the company to express its views on a takeover price. Meritage Group, which has a 5.3% stake in Coupa, contacted the company to express its views regarding a potential transaction and the price per share that they believe would be in the best interests of holders.