Market Overview

Hewlett-Packard $43 Bid For Rackspace Quashed By Anonymous Denials

Related RAX
CNBC's Stock Pops & Drops From August 19
Benzinga's M&A Chatter for Monday August 18, 2014
IBM's (Not So) Secret Weapon: Hybrid Cloud Computing (Fox Business)
Related HPQ
Markets Continue To Rally Ahead Of Yellen's Speech At Jackson Hole
3D Stocks Rise Following Meg Whitman CNBC Comment
Reports: Shutterfly Being Shopped to Private Equity (Fox Business)

Rackspace Hosting (NYSE: RAX) was sharply lower on a report that a rumored $43 a share bid by Hewlett-Packard (NYSE: HPQ) is inaccurate.

A web site launched recently by Walt Mossberg, Kara Swisher, former tech columnists of The Wall Street Journal, obtained denials of the deal from Hewlett-Packard.

The item was tucked near the bottom of an item concerning a personnel change at Hewlett. "Multiple sources familiar with HP's plans categorically denied that HP made an offer for Rackspace," the report said.

In May, Rackspace hired Morgan Stanley to evaluate "multiple strategic proposals" it said had arrived from outside companies.

Rackspace was down 2.5 percent recently at $33.73 a share.

Posted-In: Kara Swisher Walt MossbergNews Rumors M&A


Related Articles (HPQ + RAX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters