RIM Shares Advance on Takeover Speculation

Research In Motion Ltd. (RIMM), maker of the BlackBerry smartphone, advanced the most in 2 1/2 years on continuing speculation the company may be a takeover target.

RIM rose $2.86, or 14 percent, to $23.86 at 11:31 a.m. New York time on the Nasdaq Stock Market, after climbing as much as 15 percent for the biggest intraday gain since April 2009.

RIM, down more than 60 percent this year before today amid market-share losses, has jumped by at least 8 percent on three days in the past week amid speculation it may get bought. Vodafone Group Plc (VOD) could be one of the “potential aggressors” amid “vague rumors” RIM asked an investment bank to look at strategic options, the U.K.’s Independent newspaper said yesterday.

Read Full Article from Bloomberg

- Posted: 2011-10-05 11:05:42

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