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Slack spikes 32% following reports of potential takeover by Salesforce

Slack spikes 32% following reports of potential takeover by Salesforce

Slack CEO Stewart Butterfield poses for photos outside the New York Stock Exchange before his company's IPO, Thursday, June 20, 2019.
Richard Drew/Associated Press



Slack rocketed as much as 32% higher on Wednesday after Dow Jones reported Salesforce.com is in talks to acquire the workspace-communications company.



Such a deal would likely value Slack at more than the $17 billion market cap it held before shares jumped.



There's no guarantee the talks will lead to a takeover, and Salesforce could target another company for an acquisition, sources familiar with the matter told Dow Jones.



Salesforce shares slid as much as 4% on the news.



Watch Slack trade live here.

Slack leaped as much as 32% on Wednesday following reports of a potential acquisition by Salesforce.com.The corporate-software company is in talks to buy Slack, Dow Jones reported Wednesday, citing people familiar with the matter. Such a deal would likely value Slack at more than the $17 billion market cap it boasted before shares spiked higher. The acquisition would also be Salesforce's largest yet.Still, there's no guarantee a deal will be reached, and Salesforce could target another company for a takeover, according to the report.Read more: Buy these 19 small-cap stocks that hedge funds have invested the most dollars in as smaller companies head for their strongest monthly outperformance ever, RBC says
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