Citrix stock dipped 2.9 % in premarket trading on Monday, following speculations that the company could go private at a price lower than its Friday closing of $105.55.

According to The Wall Street Journal, Elliott Management's private equity arm, Evergreen Coast Capital, and tech-focused Vista Equity Partners are expected to spend $104 a share to take the software company private, valuing it at around $13 billion.File:Citrix.svg - Wikimedia Commons

Citrix was negotiating with consultants to investigate a potential sale, according to a major newswire in September. The talks came after Elliott purchased a 10% share in the company. Elliott has a reputation for pursuing companies that are taking initiatives to boost shareholder returns. Moves like reshuffled top management forced buybacks, and calls for better capital allocation are examples of this.

Citrix is a company that specializes in remote access software. During the pandemic, that expertise was in high demand, and it appears that it will continue to be so as more companies integrate work-from-home into their overall business model.

Following its initial disappointment with its delayed adoption of Cloud, the market is now paying attention to its shift to a more predictable subscription model. Annualized recurring revenue increased 13% year over year in the third quarter. Citrix stock has dropped roughly 21% in the last year but has risen over 30% in the last five months.