By Colin Kellaher
Shares of Slack Technologies Inc. reached a new all-time high on Tuesday as investors awaited news of a takeover of the workplace-communications company by business software giant Salesforce.com Inc.
Slack shares were recently trading at $43.69, up 1.9%, adding to their recent gains after The Wall Street Journal reported last week that Salesforce was in advanced talks to buy the company. The stock hit a new high of $43.98 earlier in the session.
Slack shares were changing hands at around $30 before the Journal's report, giving the company a market capitalization of $17 billion, but the rising stock price since then has pushed Slack's valuation above $24 billion.
CNBC on Monday reported that Salesforce would announce a cash-and-stock deal to buy Slack after the bell on Tuesday, when it is slated to report quarterly earnings.
Salesforce shares were recently down 2.2% to $240.42.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires