Onvia Doubles in Pre-Market to Multi-Year High

Onvia (ONVI), a provider of sales intelligence and acceleration technologies, said pre-market Thursday it has agreed to be acquired by Project Diamond Intermediate Holdings Corp., the parent entity of Deltek, a provider of enterprise software and information solutions for government contractors.

Shares jumped 97% after coming off a trading halt, reaching $8.95. The stock has not reached that level since 2001.

Project Diamond will buy all of the outstanding shares of Onvia for $9.00 per share in an all-cash tender offer, a 100% premium to Onvia’s last closing stock price of $4.50. The value of the deal is $70 million.

The deal is currently expected to close during Q4, after which Onvia will become a privately held company and its common shares will no longer be listed on any public market.

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