Salesforce Working to Field Takeover Offers: Report

Reuters

Cloud software company Salesforce.com Inc (NYSE:CRM) is working with financial advisers to help it field takeover offers after being approached by a potential acquirer, Bloomberg said, citing people with knowledge of the matter.

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The company's shares rose as much as 17.3 percent to touch an all-time high of $78.46 on Wednesday. They closed up 11.6 percent at $74.65, valuing the company at about $49 billion.

There is no certainty any deal will transpire, Bloomberg said, without identifying the potential acquirer.

The company's stock trades at 89.9 times forward earnings, well above the peer median of 19.9, according to Thomson Reuters data.

A Salesforce spokeswoman declined to comment.

(Reporting by Kshitiz Goliya and Arathy Nair in Bengaluru; Editing by Sriraj Kalluvila)