New York, January 7, 2026, 10:41 EST — Regular session
- OneStream shares are trading just below Hg’s $24-a-share cash offer a day after the deal was announced.
- Analysts are moving ratings and targets toward the deal price, shifting focus to closing risk and timing.
- An SEC filing shows no financing condition and a $207 million breakup fee under certain scenarios.
OneStream, Inc shares slipped 0.2% to $23.57 in morning trading on Wednesday, hovering just below the $24-a-share cash bid from buyout firm Hg Capital. The finance software maker, whose customers include Toyota and UPS, jumped more than 28% on Tuesday after the deal was announced. Reuters
The all-cash deal values the finance software maker at about $6.4 billion and would hand control to an Hg-led group, with General Atlantic and Tidemark taking minority stakes, the company said. “This transaction delivers immediate value to our shareholders,” CEO Tom Shea said. KKR, which controls a majority of the voting power, has approved the transaction and no further shareholder vote will be sought, while OneStream expects to close in the first half of 2026 and still plans a February results release without a conference call. SEC
With the stock now within about 2% of the offer, the main signal for traders is the deal spread — the gap between the market price and $24. Morgan Stanley’s Chris Quintero cut OneStream to equalweight, the bank’s hold-style rating, and trimmed his target to $24 from $27, calling KKR’s backing “cementing the $24 per share price as final.” Other firms, including Loop Capital and Wolfe Research, also stepped back, arguing the buyout leaves little room for fresh upside. Streetinsider
A filing showed the merger is not subject to a financing condition and cannot close before April 6 without the buyer’s consent. The agreement includes a $207 million termination fee — often called a breakup fee — and Shea agreed to roll over part of his equity, the filing said. The deal still needs regulatory clearances, including the U.S. Hart-Scott-Rodino antitrust waiting period, a standard review clock. SEC
OneStream sells software that helps finance teams close the books, consolidate results and plan and forecast — the Office of the CFO plumbing. OneStream says it has more than 1,700 customers, including 18% of the Fortune 500, and about 1,600 employees. Hg Capital
But buyouts can wobble even when a price looks locked. The merger agreement restricts OneStream from actively soliciting other bids, and it sets out walk-away rights if closing conditions are not met. Any drawn-out regulatory review or shareholder litigation could keep the stock pinned below $24 for longer than deal traders want. SEC
