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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