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Shares of Slack Technologies Inc. WORK,
climbed 27.6% at noon on Wednesday, after the Wall Street Journal reported that the business communications software company held negotiations to acquire it by Salesforce.com Inc. CRM,
Citing people familiar with the situation, the WSJ report said any deal would likely value Slack at more than its current market cap, which was around $ 17 billion before the stock jumped on the trading report. redemption. Slack and Salesforce were not immediately available for comment. Slack’s current market cap is $ 21.5 billion. Salesforce’s stock plunged after the WSJ report and was recently down 3.2% after rising about 1.1% before the report. Salesforce’s market cap was $ 229.9 billion. Over the past three months, Slack shares are up 32.1% and Salesforce shares are up 16.9%, while the Dow Jones Industrial Average DJIA,
gained 5.7%.
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