Fueled by a speculative report in Britain’s Daily Mail that IMAX is being courted by Sony Corporation, the oversized screen company’s stock price rose from $27 to $32 per share, ending at $28.07. The report asserted that Sony would pay $40 per share for the publicly traded company. The pre-holiday stock run prompted IMAX to respond to a request from the Investment Industry Regulatory Organization of Canada on behalf of the Toronto Stock Exchange. “IMAX Corporation is not aware of any corporate developments to account for this activity,” the company said in the statement. “The Company’s policy is not to comment on rumors or speculation, and accordingly does not intend to comment further.” IMAX has become a more important player to studios trying to corner the market on prime 3D-capable screens that bring in premium ticket prices, and IMAX has been on an aggressive campaign to raise its screen counts around the world. Whether a studio wants to get into that business is the major question, one that raises major regulatory issues.
By MIKE FLEMING JR | Friday December 31, 2010 @ 12:42pm PSTTags: IMAX, IMAX 3D, IMAX Sony Corporation, Movies
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This article was printed from http://www.deadline.com/2010/12/reports-of-sony-courtship-of-imax-drives-stock-price-spike/
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