Gigamon Shares Jump 12% On Report That Company Is Exploring Sale

Shares of network monitoring software maker Gigamon Inc. surged 12% Monday, after Reuters said the company is exploring a sale, citing people familiar with the matter. In May, activist shareholder Elliott Management Corp. said it had amassed a 15.3% stake in the company and said it would urge management to conduct a strategic review that included a possible sale. Gigamon has hired Goldman Sachs as an adviser and is gearing up for talks with companies and private-equity investors, said Reuters. Gigamon, Goldman and Elliott declined to comment. Gigamon shares have fallen 3% in 2017, while the S&P 500 has gained 9%.