Movies

Imax stocks surge

MUMBAI: Amid reports that Sony Corp. and Walt Disney Co. were eyeing to acquire Imax Corp., the giant-screen exhibitor expressed surprise of its stocks drifting north wards.


Upon asked by the Toronto Stock Exchange to explain recent heavy trading in its stock, including one last Friday when it recorded a high of $32.30, Imax said it "is not aware of any corporate developments to account for this activity."It added that it does not comment on rumors or speculation, and so would not comment further. 


It is reported that Sony may offer $40 per share for the large-format theatre chain, while the Walt Disney Co. was also ready to pay more.In 2009, Imax had denied that it was in acquisition talks with Walt Disney after it became the subject of faux press release issued online.


The most recent takeover speculation swirling round Imax comes on the heels of the exhibitor‘s reaching a number of milestones following a long 70 mm film-to-digital transition and an impressive expansion in 3D exhibition.


Imax, in recent quarters, has pointed to sustained earnings growth from joint revenue-share theatres and re-mastering and releasing Hollywood films in its extra-big format.


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