Envestnet (NYSE:ENV) dropped 10% after a report that potential bidders for the fintech company have passed.
Private equity firms Advent International, Warburg Pincus and Hellman & Friedman were among bidders for the company and had initially offered $90 to more than $100/share for the company, according to a Barron's report from Friday, which cited people familiar. Advent and Warburg both passed on final offers.
The report comes after Bloomberg first reported in February that the company was exploring its options after receiving takeover interest from at least one private equity firm. There was also a Citywire report early last month that the sale process was down to two private equity firms.
Jefferies analyst Surinder Thind wrote earlier this month that he saw the odds of a takeout at less than 25%. Thind last month said he believed ENV may be worth $90 to $95/share in a possible takeout.