Seeking Alpha

Violin Memory jumps on report of ongoing buyout interest

  • A source tells The Deal Violin Memory (VMEM +8.1%) "had suitors knocking at the door prior to its September IPO -- and still does." Moreover, interest is said to have grown since Violin fired CEO Don Basile and replaced him with the seasoned Kevin DeNuccio.
  • Violin has reportedly held talks with Seagate, H-P, IBM, Samsung, and EMC. At least one company provided a term sheet, albeit while hedging it with conditions and due diligence requirements.
  • Activist investor Clinton Group stated two weeks ago Violin, which remains 56% below its $9/share IPO price thanks to bad earnings news, has received informal interest from five potential buyers.
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