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.

Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!

About Ron Haruni 1068 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.