Seagate is let out of the Gate

Seagate Technology is up more than 20% in after hours trading on takeover talks that the company could be taken private. The company has said that there is "no assurance that the company will receive a formal offer or that any transaction will take place." Seagate has been hammered since it reaced its highs in March. The company competes in the disk drive making business, which has been hurt lately as other storage devices commoditize the industry.