Fortinet Reportedly Gets IBM Approach
SUNNYVALE, California (
) --
Fortinet
(FTNT) - Get Report
has received a takeover approach from IBM,
Bloomberg
reports, citing two people close to the situation.
Fortinet's talks with IBM may be at an advanced stage, said one person. Fortinet, a maker of network-security systems, is working with Morgan Stanley on its strategic options, the people said.
IBM approached Fortinet six to eight weeks ago, according to one of the people. A deal may still not be reached.
Spokesmen for both Fortinet and IBM declined to comment for
Bloomberg
.
Fortinet's market value is $2.14 billion. The stock closed Friday at $30.
-- Written by Joseph Woelfel
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