Fortinet said Monday that it isn't in acquisition talks with IBM and is "focused on building a strong independent company."
The statement came after a Bloomberg report, which we blogged earlier, stated that Fortinet was in talks with IBM.
Fortinet's statement reads:
In a recent article, Bloomberg News cited sources incorrectly indicating that Fortinet is in acquisition discussions with IBM. Fortinet's policy is not to comment on rumors, and Fortinet declined to respond to rumors on this subject. Nevertheless, Fortinet believes that investors need to be aware of the error and today announced that it is focused on building a strong independent company and is not in acquisition discussions with IBM. Fortinet had requested that Bloomberg retract or correct the story.
The company then reiterated that it won't comment about rumors.
So now what? For starters, Fortinet shares have had quite a volatile day. Shares have bounced between $31.07 and $36.77 today. That's a big range for that stock.
Fortinet shares finished the day up more than 6 percent. That jump indicates that folks think that Fortinet is still a good takeover target.