Imax Shares Rally Even As Takeover rumours Evaporate

IMAX is up 1.60% today after dropping from a spike last week fuelled by rumours of acquisition bids from both Sony and Disney.

Trading volumes were also up today at 2 million shares compared to a daily average of 1.7 million which may indicate that an acquisition is still a possibility.

The Daily Mail reported last week that Sony and Disney were interested bid parties. According to the report, Sony was preparing to make a $40 per share bid for the company which would value the company at more than $2.5 billion.

After IMAX came forward to deny knowledge of outside interest and it seemed that traders wrote off the stock. It lost most of its gains on Friday which had been up as much as 20%.

The company has put itself up for sale in the past but some analysts are doubtful that it would be looking for a studio acquisition. The company has become its own powerhouse by leveraging itself from the immense popularity of the 3D film industry. It made $546 million in global gross box office last year for its 3D films, doubling its 2009 total. 


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