Imax Corp. received a belated Christmas present on New Year's Eve when its stock surged 7% on Friday.
Imax stock ( NASDAQ:IMAX ) went up to $28.65US on the NASDAQ Exchange on Dec. 31 amid rumors that Sony and the Walt Disney Co. may be looking to acquire the large-screen exhibitor in a blockbuster deal.
Canadian officials wanted an explanation when the Toronto-based company's stock hit $32.30CDN on the Toronto Stock Exchange. Imax responded in a statement that it "is not aware of any corporate developments to account for this activity," although the company declined to comment further, as company policy dictates that IMAX doesn't address rumors and speculation.
Britain's Daily Mail originally reported that Sony plans to offer more than $40 per share and that Disney had also expressed interest.
A Disney source told Barron's that "the rumors today of the company's interest in Imax are pure fiction."
Imax shares performed well in 2010 thanks to Hollywood's ongoing love affair with 3D movies, which audiences are paying extra to see in the largest possible format.