Qualtrics up 5% after Silver Lake says intends to submit bid

Shares of Qualtrics (XM) are up 75c, or 5%, to $16.52 after Silver Lake, which holds a 14.9% stake in the company, said in a regulatory filing earlier that it intends to submit a proposal that could result in the firm and/or their affiliates acquiring all or substantially all of the outstanding capital stock of the company. The filing, which noted that Silver Lake Partners VI DE, L.P. and Silver Lake Technology Investors VI, L.P. purchased 676,938 shares of Class A Common Stock for investment purposes for an aggregate purchase price of approximately $18.8M from February 23 through March 11, 2022, also stated: "On January 26, 2023, SAP SE, the controlling stockholder of the Issuer, announced that it intends to explore a sale of its stake in the Issuer (the "SAP Proposal"). In connection with the announcement of the SAP Proposal, on January 31, 2023, Silver Lake Management Company V, L.L.C. entered into an amendment and restatement of its pre-existing customary mutual non-disclosure agreement with the Issuer. Pursuant to the terms of the Non-disclosure Agreement, as amended, SLMC V has agreed that for a period of one year, among other things and subject to certain exceptions, SLMC V and its affiliated investment funds, which includes the Reporting Persons, will not: acquire any voting securities of the Issuer; or participate in any solicitation of proxies to vote securities of the Issuer… In connection with the announcement of the SAP Proposal, the Reporting Persons have discussed and explored, and expect to continue to discuss and explore, various potential alternatives with respect to their investment in the Issuer… The Reporting Persons currently intend to submit a proposal, which could also lead to one or more subsequent revised or different proposals, that could result in the Reporting Persons and/or their affiliates acquiring all or substantially all of the outstanding capital stock of the Issuer, which would result in a de-listing and de-registration of the Class A Common Stock ."