CA Inc. shares jump, Broadcom slumps on report of buyout plan
CA Inc. shares jumped in the extended session Wednesday following a report that Broadcom Inc. extended a buyout offer to the IT management software company. CA shares rallied 16% after hours, following a 0.2% gain to close the regular session at $37.21. Meanwhile, Broadcom shares fell 5.2% after hours, following a 2.8% decline to close at $243.44. Late Wednesday, The Wall Street Journal reported that Broadcom was planning to offer $44.50 a share, or $18 billion, for CA in a deal that could be announced as early as today. CA would rank as the first major acquisition attempt by Broadcom since the company was blocked from acquiring Qualcomm Inc. earlier in the year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.