IMAX Shares Surge as Takeover Speculation Heats Up

Shares of Imax Corp. (IMAX), which closed at $26.86 on Thursday evening, jumped more than 20 percent in early trading on Friday, the highest intraday PPS since January 1999. Strength being attributed to a BNN article that says Sony (SNE) and Imax are potentially in talks over a merger, with Sony buying Imax at $40 per share.

Porter Bibb, Managing Partner at MediaTech Capital Partners LLC, told Canada’s BNN that the Japanese multinational conglomerate and IMAX are in talks.

“I can confirm that both Sony and Disney are in serious talks with IMAX about a takeover, probably at $40 per share or more,” Bibb told BNN in an email.

The Imax report first came from the Daily Mail in the U.K.  NY Times DealBook pointed out however, the mixed history of The Daily Mail in predicting takeovers.

At last check shares of $1.9 billion market cap IMAX were up $4.47, or 15.71%, to $31.08. Shares had opened the session at $32.28.

Update: Reuters: Co. says not aware of any corporate developments to account for this activity.

About Ron Haruni 1033 Articles
Ron is the Co-Founder & Editor in Chief of Wall Street Pit. Web Site: Wall Street Pit

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