The Nuix Ltd (ASX: NXL) share price is shooting the lights out today, up 20.2%, trading at 83 cents.
Shares in the ASX tech company reached an intraday high of 88 cents apiece shortly after the market opened, capping off a great week so far. The Nuix share price is currently up a healthy 34% in the past five days alone.
Today's price action follows announcements Nuix made this morning amid speculation of a takeover bid from software intelligence company Reveal, which it swiftly rejected. Let's cover the highlights of what Nuix announced today.
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Nuix dispels Reveal takeover speculation
Nuix issued a press release this morning addressing speculation reported in The Australian. The company stated that it had not "received a bid or a written proposal from Reveal".
Nuix said it would continue to disclose material matters such as takeover bids if and when they occured as part of its disclosure requirements.
The Australian reported that Reveal made an offer for the software distribution company, with Barrenjoey allegedly helping to facilitate the deal. My Fool colleague James notes that it's the second time The Australian has reported on a rumoured takeover bid from Reveal for Nuix shares.
Trading in Nuix shares was paused for around two hours this morning to give the company time to address the speculation.
Nuix share price snapshot
Shares in the software distribution company have since returned to trading and are currently swapping hands for 83 cents.
As for its sector, the S&P/ASX 200 Info Technology Index (ASX: XIJ) is up slightly today by 0.55%.
The company's market capitalisation is around $260 million.
