UPDATE: Slack's stock spikes up after WSJ report of buyout talks with Salesforce
Shares of Slack Technologies Inc. (WORK) spiked up 27.6% in midday trading Wednesday, after The Wall Street Journal reported that the business communications software company has held talks to be acquired by Salesforce.com Inc. (CRM). Citing people familiar with the situation, the WSJ report said any deal would likely value Slack at more than its current market capitalization, which was about $17 billion prior to the stock's jump on the buyout-talks report. Slack and Salesforce were not immediately available for comment. Slack's current market cap is $21.5 billion. Salesforce's stock took a dive after the WSJ report, and was recently down 3.2% after being up about 1.1% before the report. Salesforce's market cap was $229.9 billion. Over the past three months, Slack shares have rallied 32.1% and Salesforce shares have advanced 16.9%, while the Dow Jones Industrial Average has gained 5.7%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 25, 2020 12:39 ET (17:39 GMT)
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