Business software maker Tibco is reviewing strategic, financial alternatives; stock jumps

Tibco said Wednesday that its board is studying potential strategic and financial alternatives for the business software maker.

Its shares rose 9.7 percent percent to $23.09 in after-hours trading.

Tibco Software Inc. said three of its independent directors formed a special committee for the review process, which began on Aug. 16.

The disclosure comes amid published reports that the Palo Alto, California-based company has begun to reach out to potential acquirers.

Typically, when a company says it is exploring strategic alternatives, it means they are considering a possible sale or acquisition.

Tibco shares ended regular trading Wednesday down 16 cents at $21.04. The stock has dropped 6.4 percent this year.