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Rackspace Stock Falls After Rejecting Acquistion Offers
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Rackspace Hosting Inc. tumbled the most since February after the cloud-computing provider rejected takeover offers and decided to remain independent.
The shares fell 18 percent to $32.39 at the close in New York, a day after Rackspace, which had hired Morgan Stanley in May to seek strategic options, said that it has ended a review and promoted Taylor Rhodes to chief executive officer. The San Antonio-based company’s shares dropped their most since Feb. 11.