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Rackspace (RAX) Stock Surges on $3.5 Billion Apollo Global Deal Speculation

NEW YORK (TheStreet) -- Shares of Rackspace (RAX) were jumping 11.34% to $29.56 in mid-morning trading on Friday as the company is reportedly in talks with Apollo Global Management (APO) about a takeover offer.

Apollo Global could acquire the San Antonio, TX-based data hosting technology company for more than $3.5 billion, according to sources cited by Reuters. However, there's no certainty that the discussions will result in a deal.

Rackspace has weighed a sale several times since announcing that it would work with Morgan Stanley to explore strategic alternatives two years ago...