Why Micro Focus Stock Exploded Higher Friday Morning, While Open Text Slumped
Shares of Micro Focus International (NYSE: MFGP) charged sharply higher on Friday morning, surging as much as 96.8%. As of 12:30 p.m. ET, Micro Focus stock was still up 94.2%, while Open Text was down 12.8%. The catalyst that sent shares of the technology companies in opposite directions was an unsolicited takeover bid by Open Text for its rival.