Pushpay declines on rumours

Pushpay (-10.6%), the church management software company plunged to $1.10 after rumors surfaced that its buyout would not be progressing.

Pushpay would not confirm or deny the rumor, although noted that they were aware of the market speculation and were abiding by its NZX continuous disclosure obligation.

A cooperative bid from BGH Capital and Sixth Street Partners for Pushpay was fielded in May, but no definitive agreement was struck. The bid for Pushpay came at a time when the company reported that it had made significant progress on its growth strategy, with its full year revenue increasing from 249m to 322m

However, PPH has been unable to retain a share price close to its May high of $1.50, and the non-binding bid may be renegotiated lower before a buyout can progress.