Pitney Bowes Inc. (NYSE:PBI) stock rallied nearly 15% after the company received takeover interest from buyout firms including Blackstone and Carlyle. PBI and had held preliminary talks with suitors as PBI is open to a breakup of the company or an outright sale. PBI was exploring strategic alternatives and had hired Lazard as a financial adviser and Cravath, Swaine & Moore as its legal adviser to assist in the process.

Meanwhile, in the third quarter, PBI has posted revenues in line with its expectations, but chief executive Marc Lautenbach was disappointed with the results, as the profits were down 12 per cent. The lower mail volume has proved a challenge to the company, that provides postage meters for e-commerce and logistics. PBI now expects to boost sales growth from shipping, parcels and address verification.

Moreover, PBI has acquired Newgistics for $475 million and during the third quarter, PBI had issued $400 million 5 year fixed rate notes, $300 million 3 year fixed rate notes and borrowed $350 million in term loans. The proceeds with cash on-hand to fund the Newgistics acquisition, and redeemed $385 million notes due September 2017. In October 2017, PBI had also redeemed the $350 million notes that would have come due in May 2018.

Additionally, PBI had increased its annual guidance range for revenue and lowered its annual guidance range for adjusted earnings per share and free cash flow. For the full year 2017, revenue, on a constant currency basis, is expected to be in the range of 3 percent to 5 percent growth, when compared to 2016. This has been updated from the previous range of flat to 1 percent due to the revenue expected from Newgistics in the fourth quarter. The adjusted earnings per share is expected to be in the range of $1.38 to $1.46. This has been updated from the previous range projected of $1.70 to $1.78. The Free cash flow is expected to be in the range of $350 million to $380 million. This has been updated from the previous range projected of $400 million to $430 million.

In addition, PBI has declared a quarterly cash dividend on the company’s common stock of $0.1875 per share. Further, a quarterly cash dividend of $0.53 per share on the company’s $2.12 convertible preference stock, was to be paid on January 1st, 2018, to stockholders of record on December 15th, 2017. The quarterly cash dividend of $0.50 per share on the company’s 4 percent convertible cumulative preferred stock will be paid on February 1st, 2018, to stockholders of record on January 15th, 2018.

PBI stock has fallen 17.43% in a year (source: Google Finance).