(CRM) Stock Up After Rejecting Microsoft's $55 Billion Takeover Bid

NEW YORK (TheStreet) -- Shares of Inc  (CRM) are up 2.3% to $74.59 on heavy volume in afternoon trading Friday, following reports that Microsoft Corp (MSFT) offered the company $55 billion to acquire it, according to CNBC's David Faber.

The two companies were in "significant" takeover talks earlier this month that ended over price. Salesforce chairman and CEO Marc Benioff wanted as much as $70 billion, according to CNBC.

The cloud computing provider is no longer in takeover talks with Microsoft, CNBC added.

Yesterday, Salesforce shares rallied after the cloud software company surpassed analysts' earnings estimates for the first quarter and raised its full year guidance.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio said, "Will he [Benioff] sell the company? He said don't bother him on these issues until he gets to $10 billion in revs and he passes SAP  (SAP). I take him at his word."

"No love lost between SAP and CRM. You have to listen to that Salesforce conference call to hear how tough Benioff really is. Dare I say that CRM may actually be undervalued on 2017 earnings," said Cramer Thursday morning.

About 6.94 million shares of Salesforce have changed hands as of 1:54 p.m. ET today, compared to its average trading volume of about 6.06 million shares a day.

San Francisco-based is a provider of enterprise cloud computing solutions that helps with customer relationship management.

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