Market Overview

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

Share:
Related RAX
Castles In The SKYY: What's Up With The Cloud Computing ETF?
Rackspace Upgraded To 3.5-Star Stock By Vetr Top Raters
Related HPQ
Jim Cramer Recommends Buying This $5 Stock, A Hot Retailer And More
Open Text Signs Definitive Deal To Buy Some Customer Experience Software Assets Of HP

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)

View Comments and Join the Discussion!