Double-Take gets buyout offers, shares jump

(BestGrowthStock) – Business software maker Double-Take Software Inc (DBTK.O: ) said it received unsolicited buyout offers at a premium, sending its shares up 14 percent.

The company’s board is reviewing the conditional indications of interest and considering other possible strategic transactions, Double-Take said in a statement.

Double-Take lowered its first-quarter forecast to below Wall Street expectations, citing lower-than-expected license sales.

It now expects first-quarter revenue of $18.8 million to $18.9 million, compared with its prior view of $20.0 million to $21.2 million.

The company expects adjusted earnings of 1 cent to 2 cents a share, down from its earlier estimate of 2 cents to 4 cents per share.

Analysts on average were expecting earnings of 4 cents a share, on revenue of $20.7 million, according to Thomson Reuters I/B/E/S.

Double-Take develops software for servers that automatically creates back-up copies of information that it can send to a different location for storage.

Shares of the company were trading up $1.03 at $9.74 in morning trade on Nasdaq.

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(Reporting by Sudipto Ganguly in Bangalore; Editing by Gopakumar Warrier)

Double-Take gets buyout offers, shares jump