2023-09-22 07:52:56 ET
Shares of data observability and security company Splunk (NASDAQ: SPLK) rose 19.5% this week through Thursday trading, according to data from S&P Global Market Intelligence .
It wasn't a mystery as to why the stock surged this week in spite of declines in the broader Nasdaq Composite . On Thursday, Splunk announced it had agreed to be acquired by tech giant Cisco Systems (NASDAQ: CSCO) at a hefty premium.
This isn't actually the first time Cisco had sought to buy Splunk. Back in February 2022, it was reported Cisco had made an offer of "over $20 billion" for Splunk. But apparently the two sides couldn't come to an agreement, especially as the tech sector was entering a bear market at the time.
For further details see:
Why Splunk Rocketed Higher This Week