Pivotal Software Rips Higher On Potential Acquisition By VMware

Pivotal Software, Inc. (NYSE: PVTL) shares are trading higher after the company confirmed discussions with VMware, Inc. (NYSE: VMW) regarding a potential acquisition of Pivotal.

Pivotal Software confirmed that, through a special committee of its board of directors, it's in discussions with VMware regarding a potential business combination, and negotiating definitive agreements with regards to a transaction in which VMware would acquire all of the outstanding shares of Class A common stock of Pivotal for cash at a per share price equal to $15.

The company says a definitive agreement between Pivotal and VMware has not been executed and there can be no assurances that a definitive agreement will be executed between the parties.

Pivotal Software shares were trading up 72.89% at $14.35 in Thursday’s pre-market session. The stock has a 52-week high of $29.15 and a 52-week low of $8.03.

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Photo courtesy of Pivotal Software.