NEW YORK (TheStreet) -- Shares of Carbonite Inc. (CARB) are higher by 23.21% to $14.49 on heavy volume in mid-afternoon trading on Wednesday, after the company confirmed that it has received an unsolicited proposal from J2 Global Inc. (JCOM) to acquire all outstanding shares of Carbonite for $15 per share in cash.
Carbonite, a U.S.-based company, is a provider of cloud and hybrid backup and recovery solutions for businesses. J2 Global, also based in the U.S., provides Internet services through its two divisions: digital media and business cloud services.
So far today, 1.62 million shares of Carbonite have exchanged hands, as compared to its average daily volume of 56,000 shares.
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Carbonite said its board of directors would "carefully review and consider" the offer in order to determine the best course of action.
Shares of J2 Global are up by 5.21% to $59.94 this afternoon.
Separately, TheStreet Ratings team rates CARBONITE INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CARBONITE INC (CARB) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."