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Imax Shares Surge On Takeover

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Shares of Imax Corp. (IMAX: News ), a large-screen movie theater chain, surged more than 4% on Friday after the UK newspaper Daily Mail reported that Japanese electronics giant Sony Corp. (SNE: News ) might be preparing to acquire the company for $40 per share. The report also said that diversified media and entertainment conglomerate Walt Disney Co. (DIS: News ) might be interested in acquiring Imax.

However, Imax said Friday that it was not aware of any corporate developments to account for the stock trading activity on the same day.

Shares of Imax have increased over the past year, buoyed by improving revenue and the success of 3D blockbusters. As of September 30, 2010, there were 470 IMAX theatres comprising of 348 commercial and 122 institutional, opereview in 45 countries.

In November 2007, Imax signed a four-picture deal with DreamWorks Animation SKG Inc. (DWA). The agreement marked the company's first multiple 3D picture deal with a Hollywood studio.

In April this year, Imax signed a deal with Warner Bros. to release up to 20 titles in Imax between 2010 and 2013. In January, Discovery Communications Inc. (DISCA), Sony and Imax announced a joint venture to develop the first 24/7 dedicated 3D television network in the U.S.

IMAX, which has a market capitalization of $1.79 billion, closed Friday's regular trading session at $28.07, up $1.21 or 4.50% on a volume of 25.38 million shares.

Owner: Maxine
Created on: 4 Jun 2012, 16:41
Last updated on: 4 Jun 2012, 16:41
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