Seeking Alpha

Rackspace soars on going-private report

  • Rackspace (RAX) is in talks with a P-E firm about a deal to take the company private, reports TechCrunch, with an eye towards maybe making an official announcement this week.
  • "The pressures of being a public company are too much," says one source, and the idea of going private "has gained sufficient traction" in the boardroom.
  • The going-private leak comes amid at least three acquisition bids, says TC, including one from H-P (HPQ) for up to $43 per share.
  • RAX +9.6% to $37 premarket
  • Previously: Rackspace falls on negative M&A report
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