Akamai Shares Surge on Google Deal Report
Shares of Akamai Technologies Inc jumped more than 11 percent following a report that it was close to being acquired by Google Inc.
Akamai, whose service improves the performance of websites, is nearing a deal with search giant Google, according to the late Wednesday report by technology blog Business Insider citing "multiple ad tech sources" who were not identified.
Representatives from Google and Akamai said the companies do not comment on rumors.
Akamai, whose shares closed Wednesday's regular session down 57 percent from their 52-week high of $54.65, is a long-running subject of takeover rumors. Last week, there were reports that the company could be acquired by Verizon Communications or International Business Machines Corp, said Mark Kelleher, an analyst with Dougherty & Co.
"Ever since I can remember there's been theories of who could come in" and acquire Akamai, he said.
Shares of Akamai rose more than 11 percent following the Google report, before trading up 9.1 percent at $25.45 in extended trading.