Why Splunk Shares Rocketed 9% Higher Today
Bucking a generally gloomy day for the stock market in general and growth stocks in particular, Splunk (NASDAQ: SPLK) shot more than 9% higher on Monday. That was entirely expected, as a Wall Street Journal article reported that the company received a massive buyout offer from a peer.
After market hours on Friday, the Journal published a report saying that networking tech specialist Cisco Systems (NASDAQ: CSCO) has made an unsolicited buyout offer for Splunk. Citing "people familiar with the matter," the business newspaper said that the offered price topped $20 billion. That would represent a premium of at least 10% on Splunk's latest closing stock price.
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Source Fool.com
