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Brocade shares soar on report it's in talks to sell itself

Shares of Brocade Communications Systems soared more than 24 percent in intraday trade Monday after a report that it is advanced talks to sell itself.

A spokesperson for Brocade did not immediately respond to CNBC's request for comment.

The American tech company, which specializes in data and storage networking products, is approaching the final stages of a sale process and a deal could be announced as soon as this week, reported Bloomberg, citing people familiar with the matter.

Internet service provider Broadcom is one of the interested buyers, the report said.

Read the full report from Bloomberg here.

Brocade's stock is up more than 15 percent year to date.

BRCD 5-Day Chart