Splunk rises as premerger waiting period for $28-bln Cisco deal ends

Splunk

14/11/2023 14:24

** Shares of cybersecurity firm Splunk  SPLK.O  up about 3%
at $151.20 premarket
    ** SPLK announces end to mandatory waiting period for its
acquisition by Cisco Systems  CSCO.O  for about $28 bln
    ** The 30-day period helps regulators determine if the
transaction may substantially hurt competition and violate the
antitrust laws, as per HSR Act
    ** Cisco shares up 1% at $52.75 before the bell
    ** CSCO agreed to buy SPLK for cash at $157 per share on
Sept 22 to strengthen its software business and capitalize on
the boom in artificial intelligence
    ** SPLK says it expects to complete merger by the end of
third quarter of 2024
    ** Deal awaits approval from other antitrust and foreign
investment regulators as well as Splunk stockholders
    ** SPLK up nearly 71% YTD, CSCO up about 10% this year
 

 (Reporting by Anuja Bharat Mistry and Savyata Mishra)
 ((AnujaBharat.Mistry@thomsonreuters.com;))