NEW YORK (TheStreet) --Shares of NCR Corp. (NCR) are climbing higher by 10.87% to $34.78 on very heavy volume in late afternoon trading on Tuesday, as Blackstone Group (BX) and Carlyle Group (CG) are said to be making a joint offer of over $10 billion for a leveraged buyout of the global tech company, Reuters reports.
The two largest private equity firms in the world are coming together in order to outbid other firms and purchase the ATM and cash register maker.
An auction for the company is still several weeks away, sources told Reuters, adding that there is no guarantee these two groups will win the bid or that NCR will agree to a sale.
So far today, 10.38 million shares of NCR have exchanged hands as compared to its average daily volume of 1.57 million shares.
Shareholder pressure in recent months has resulted in NCR exploring its options, Reuters noted.
Separately, TheStreet Ratings team rates NCR CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate NCR CORP (NCR) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its generally strong cash flow from operations. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."