Box Jumps on Deal Speculation By Investing.com

By Christiana Sciaudone

Investing.com — Box Inc (NYSE:BOX) soared 9% after reports of a potential takeover.

The company rallied after it extended its board nomination deadline to May 11, possibly setting the stage for a sales process, Seeking Alpha said, citing Dealreporter. Last month, Reuters reported that Starboard, an activist shareholder, was considering nominating three new directors to the board if it didn’t see more progress. It already has three up for re-election. 

The delay may mean time for more talks, a sign that a sales process hasn’t been ruled out, Dealreporter said.

Shares of the cloud content management company closed at a high in mid-2018 and now are trading at about $24.43, closing in on the $29 high hit three years ago.