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: Splunk stock rallies on report of Cisco $20 billion offer to buy company

Splunk Inc.
SPLK,
+8.35%

shares rallied Monday following a report late last week that Cisco Systems Inc.
CSCO,
-1.60%

had made a $20 billion offer to buy the cloud-based enterprise software company.

Late Friday, The Wall Street Journal reported that Cisco made the offer recently, but the two companies were not in active talks, according to unnamed sources close to the matter.

In morning activity, shares of Splunk were trading around their intraday high of $125.81, as much as 10% above their Friday close, for a market cap of $19.9 billion, according to FactSet data.

In December, Splunk reported quarterly revenue that fell short of Wall Street estimates, driving shares to a 52-week low.

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