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Seagate In Failed PE Talks: Report

This story has been updated with Seagate's response.

SCOTTS VALLEY, Calif. ( TheStreet -- Seagate (STX - Get Report) shares rose sharply on Tuesday afternoon after trading in the company was briefly halted. Earlier, a news report about a failed buyout had caused a significant spike in Seagate shares, prompting the brief trading halt.

The single-stock circuit breaker came after a Bloomberg story that said Seagate had been in failed talks with TPG Capital and Silver Lake about taking the company private. Citing people with knowledge of the discussions, Bloomberg said that talks ended in recent weeks, and the deal, which would have been valued at about $7 billion, is now unlikely to happen.

Seagate shares rose 24 cents, or 2.1%, to $11.53, after trading restarted, outpacing the Nasdaq, which was up just 0.07%.

Implemented in response to the "Flash Crash" earlier this year, the single-stock circuit breaker halts trading in a stock for five minutes if the share price is particularly volatile during the preceding five minutes.

Seagate, which describes itself as the world's largest manufacturer of hard drives, currently has a market cap of $5.43 billion. Bloomberg said that negotiations between Seagate and the private equity firms broke down because Seagate wasn't meeting some of the financial projections the deal was based on.

The storage specialist declined to provide a comment on this story when contacted by TheStreet.

--Written by James Rogers in New York.

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