Imax shares pare gains following takeover talk
Sony and Walt Disney may both be interested, British newspaper says
Last Updated: Friday, December 31, 2010 | 4:17 PM ET
CBC News
Related
Internal Links
Imax 3-month Nasdaq chart Shares of Toronto-based Imax Corp. lost much of their early gains Friday after the company said there were no corporate developments to report, casting doubt on rumours that Sony Corp. was interested in acquiring the large-screen theatre company.
Britain's Daily Mail newspaper reported late Thursday that Sony could offer $40 US a share for the chain. The Daily Mail, citing unidentified entertainment industry sources, said Walt Disney Co. might also be interested in acquiring Imax.
Imax released a statement Friday saying it was "not aware of any corporate developments" that would explain the sudden interest in its stock.
"The company's policy is not to comment on rumours or speculation, and accordingly does not intend to comment further," it said.
The Nasdaq-listed shares of Imax ended the trading day at $28.07 US, up $1.21 US in heavy trading, Earlier in the day, the shares surged to a two-year high of $32.30 US.
The shares were trading at $3.45 US just two years ago — representing a stunning 1,000 per cent rise since then. 
An Imax theatre in Vienna. (Ronald Zak/Associated Press)
3D craze adds to bottom line
Imax makes both large-screen and 3D projection systems for theatres. It also makes Imax camera systems for movie studios.
Imax has benefited as ticket sales of 3D movies soared this year, thanks to such hits as Avatar, Inception, Harry Potter and the Deathly Hallows: Part 1, Toy Story 3, and most recently, Tron: Legacy.
About a dozen 3D features are scheduled for 2011 release.
The theatre company is finally reporting profits, after several years of losses. Imax recently reported third-quarter earnings and revenues that exceeded analysts' expectations.
It also said it was planning to ramp up the size of its theatre network, especially in China.
In 2006, Imax put itself up for sale, but it abandoned the effort when no buyers or merger partners appeared.
Imax operates 470 big-screen theatres in 45 countries.
Share Tools
Top News Headlines
- Oda's travel expenses cause dissent in Tory caucus
- Conservative MP John Williamson, who was once head of the Canadian Taxpayers Federation, has raised the issue of International Co-operation Minister Bev Oda's spending habits behind closed doors with the Conservative caucus. more »
- Canada accused of 'complicity' in torture in UN report
- The United Nations Committee Against Torture has condemned what it calls Canadian "complicity" in torture and human rights violations of Muslim men caught up in the post-9/11 security net. Terry Milewski has exclusive details. more »
- Diamond Jubilee: Your photos of royal encounters
- The CBC Community team asked you to submit your best photos of the Queen's visits to Canada, or visits by any member of the Royal Family. The result was tremendous! more »
- Helicopter crash kills 3 near Terrace, B.C.
- All three people aboard a helicopter that went down west of Terrace, B.C., died in the crash, the aircraft's owners say. more »
Latest Technology & Science News Headlines
- Newly mapped tomato genome could yield tastier, hardier fruit
- You might think you know all you need to know about the humble tomato, but now, you can truly get a look at what this fleshy fruit is made of thanks to the work of about 300 scientists who have identified almost all of the genes that make up one common variety. more »
- Last chance to see Venus transit across sun
- If you happen to glance at the sun in the early evening next Tuesday and notice a black dot moving across it, fear not, that's not dust in your eye or an early sign of glaucoma — it's Venus. more »
- Call of Duty creators, Activision settle legal fight
- Activision has reached a settlement with the creators of the hit video game series Call of Duty following a bitter legal battle. more »
- Google flags censored search words to Chinese users
- Google has fired a new salvo in its censorship battle with Beijing by adding a feature that warns users in China each time they enter keywords into its search engine that might produce blocked results and suggests they try other terms. more »
- Social mapping software turns neighbourhoods into 'Livehoods'
- You might have no doubt about what neighbourhood you live in, but can you pinpoint your livehood? If you're in Montreal, you can now, thanks to a new mapping software that redraws traditional city boundaries using data gleaned from social media applications such as Twitter and Foursquare. more »
Bob McDonald's Blog
SpaceX got it right when things went wrong Jun. 1, 2012 2:55 PM It was back slaps and hugs all around this week as the Dragon space capsule, the first privately-built spacecraft to visit the International Space Station, returned safely to Earth. What's most impressive is how problems that arose during the mission were solved along the way.
Quirks & Quarks
- June 2: The Day the World Discovered the Sun Jun. 1, 2012 4:32 PM We'll look back at the Transit of Venus in 1769, which sparked a worldwide competition among aspiring global superpowers, each sending its own scientific expedition to far-flung destinations to track the transit, in order to measure the distance to the Sun.
Latest Features
- Body-parts victim a Chinese student in Montreal
- Edmonton teacher suspended for giving 0s
- Flooding closes Toronto subway hub Union station
- Owner defends 'gore' site connected to Luka Magnotta
- New duty-free limits will challenge Canadian retailers
- Copyright board to charge for music at weddings, parades
- Helicopter crash kills 3 near Terrace, B.C.
- Alberta teen hospitalized after fight involving dozens of students
- 2,000 jobs cut as GM to close Oshawa plant
