By 
Cisco Systems Inc.
CSCO,
-1.77%
has made a takeover offer worth more than $20 billion for software maker Splunk Inc.
SPLK,
-2.76%,
according to people familiar with the matter.
The offer was made recently, the people said. It isn’t clear where things currently stand.
Should there be a deal, it would be Cisco’s biggest ever, eclipsing the roughly $7 billion acquisition of Scientific Atlanta in 2005. Its most recent deal of size was its nearly $5 billion purchase of Acacia Communications Inc. in 2021.
An expanded version of this report appears at WSJ.com.
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