Progress Software Spikes After Reuters Reports Company Exploring A Sale

Shares of Progress Software Corporation (NASDAQ: PRGS), a global software company that developments business applications, were trading higher by nearly 9 percent mid-Thursday afternoon.

Reuters reported that Progress Software is considering a sale of itself as part of an exploration of strategic alternatives.

Reuters, citing "sources" that do not want to be identified, stated that Progress Software is working with an investment bank on a limited auction process that was made available to a small number of buyout firms.

Finally, the publication stated that a leveraged buyout of Progress Software would be "challenging" given the "choppy" debt markets, and there is no certainty that negotiations with a potential buyer will result in a deal being finalized.