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Sony has held secret talks with IMAX who own a cinema in Sydney’s Darling Harbour, with a view to buyingthe Canadian Cinema group.
Sony has held secret talks with IMAX who own a cinema in Sydney’s Darling Harbour, with a view to buyingthe Canadian Cinema group.
Shortly after it was revealed that Sony was interested in the big screen movie group speculation mounted that the Walt Disney Company would bid for IMAX.
The Daily Mail of Britain initally reported the interest of Sony Corporation and Walt Disney for the large screen movie corporation. A bid of over $40 per share is supposedly being offered by Sony Corporation.
Early Friday in the USA shares in IMAX rose and then declined following a company statement denying any changes in the company. The value of Imax Corp basing on a $40 per share bid of Sony Corp would reach over $2.5 billion.
The high price and timing of the bid by Sony caused traders to consider the report speculative as investors ignored the reports with Imax shares being traded went from $32.30 down to $28.06 on Thursday before closing at $28.07 at the end of year’s trading
Lisa Gephardt, a Sony spokeswoman in New York, said the company doesn’t comment on market rumor or speculation. Sony makes movies through its Sony Pictures division and also sells televisions, video-game consoles and electronic book readers.
“We see very little merit in this speculation and take it more as an action taken on the last day of trading to boost performance,” Eric Wold, an analyst at Merriman Curhan Ford & Co. in New York, said in a research note today. He has a “neutral” rating on Imax.
