FireEye Pops on Report Cisco Eyes Takeover

By Kim Khan

Investing.com - Cybersecurity company FireEye could be in the sights of Cisco (NASDAQ:CSCO), according to a published report out Thursday.

Shares of FireEye (NASDAQ:FEYE) climbed on the news, rising more than 6% in afternoon trading.

Cisco is in advanced takeover talks with FireEye, which has hired Goldman Sachs (NYSE:GS) to manage a sale, and an offer could be seen in the coming weeks, Spanish newspaper Okdiario reported.

Another, smaller company is also interested in buying FireEye, but can’t match Cisco’s financial firepower, the paper said.

Shares of FireEye haven’t been able to build any traction in a while. They are down about 1% in the past 52 weeks and up about 2% in the past two years.

Cisco shares were down nearly 5% in afternoon trading. The networking company issues tepid revenue guidance after the bell yesterday, noting that customers may delay spending decisions due the Covid-19 outbreak.

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