Pivotal Software Inc. /zigman2/quotes/205113305/composite PVTL +0.20% shares soared more than 70% higher in after-hours trading Wednesday as its corporate parents looked to acquire the struggling software company for a large premium. Pivotal, which went public as a spinoff from VMware Inc. /zigman2/quotes/209864107/composite VMW +0.23% and EMC and is now majority owned by Dell Technologies Inc. /zigman2/quotes/203822527/composite DELL -0.04% , is discussing being acquired by VMware for $15 a share, according to a filing with the Securities and Exchange Commission. VMware confirmed the filing with a news release Wednesday afternoon, acknowledging "ongoing discussions between special committees at VMware and Pivotal around a potential transaction." The transaction includes discussions with Dell -- which owns nearly 65% of Pivotal and more than 80% of VMware -- about converting its class B Pivotal shares to class A shares. Pivotal shares have been in a severe tailspin since the company's last earnings report, falling 57.9% in the past three months, and closed Wednesday at $8.30. In the extended trading session Wednesday, Pivotal shares were going for more than $14.