New York, February 5, 2026, 14:55 EST — Regular session
- Trading in Dayforce shares halted after Thoma Bravo wrapped up a $12.3 billion take-private transaction
- Shareholders will receive $70 per share in cash as delisting procedures begin
- As exchanges handle the delisting, options venues are removing DAY contracts from their listings
Dayforce shares halted trading following private-equity firm Thoma Bravo’s completion of its $12.3 billion takeover of the human-capital management (HCM) software firm. Investors will receive $70 per share in cash. Dayforce Chair and CEO David Ossip described the deal’s close as “a pivotal moment” as the company transitions to private ownership.
The closing is crucial—it ends what had turned into a near-cash trade for merger-arbitrage funds and pulls another mid-sized software company off the public markets. Now the cleanup begins: exchange delistings, final SEC filings, and sorting out how to get cash into the hands of former shareholders.
Traders must adjust quickly. Without live quotes during the U.S. regular session, they lose a key reference point. Listed options and related products now need to be unwound or delisted alongside the stock.
Dayforce reported in an 8-K that each outstanding share just before the merger’s effective time was converted into the right to receive $70 in cash, no interest. It also said it asked the NYSE to withdraw its listing on February 4. The company requested the NYSE to file a Form 25 to delist and deregister shares under Section 12(b). Following that, Dayforce plans to submit a Form 15 to end registration under Section 12(g) and halt periodic reporting. The company expects its Toronto listing to be removed within one to two trading days after February 4.
Dayforce ended near $69.86 on February 3, gaining about 94 cents, or 1.36%, with volume surging to roughly 30.4 million shares. The stock hovered close to the $70 cash offer throughout the session. Price action stayed narrow, ranging between $69.62 and $69.86 as the day wrapped up.
Options traders are seeing clear signals from the infrastructure. MIAX Exchange Group announced that Dayforce options will be delisted from its U.S. options exchanges starting Thursday, February 5. Any good-til-canceled orders in DAY will be canceled at the close of business on February 4.
The take-private deal adds another software platform to Thoma Bravo’s portfolio as private equity doubles down on subscription-based enterprise firms. For those investing in public markets seeking payroll and HR software exposure, the closest listed peers are Workday, Paycom, and Paylocity.
But the post-close process still catches some off guard. Settlement timing and tax withholding differ depending on the broker and account type. Holders of convertible bonds or equity awards often stumble over cash-conversion rules, especially if they haven’t dug into the deal documents.
Next up is mainly paperwork and timing: the NYSE will issue a delisting notice through Form 25, while Dayforce plans to file a follow-on Form 15 to end reporting. The company expects final removal from the Toronto exchange within one to two trading days after February 4. Traders will also be monitoring any separate exchange notices that impact options and derivatives linked to DAY.
