Tech Industry

Maxtor gains on takeover speculation

Maxtor (Nasdaq: MXTR) was up 22 percent Friday after BusinessWeek's "Inside Wall Street" column reported that a major computer data-storage company plans to bid $2.3 billion, or $20 per share, for the company.

Maxtor was not available for comment. Amid cries of "pump and dump" on the message boards, some speculated that Hewlett-Packard (NYSE: HWP) could be the buyer.

The BusinessWeek story, citing industry sources, did not identify the bidder.

Maxtor is seen as an attractive target because of its file serving and data storage product, MaxAttach NAS, BusinessWeek said. The product can be installed in 10 minutes and is compatible with both Linux/Unix and Windows operating systems, the magazine reported.