Michelda, Hikari overnight move in Tokyo; what do you know about this?
quote.bloomberg.com
Hikari Tsushin Shares Surge on False Speculation of Takeover
By Minoru Matsutani and Takehiko Kumakura with reporting by Junko Fujita
Tokyo, April 28 (Bloomberg) -- Hikari Tsushin Inc. shares
surged as much as 10 percent on speculation -- denied by the company -- that it may be the target of a takeover.
The stock rose as much as 1,410 yen to 15,210 in morning
trading, ending the session at 15,000. The rise arrested a 20-day slide in the shares of the cellular phone subscription company.
More than 2.3 million shares changed hands, 13 times the
stock's six-month average full-day trading of 171,000.
There was speculation that Kyocera Corp. may make a bid for
Hikari Tsushin, but the speculation is ``totally groundless,'' said Midori Kaito, a spokeswoman for Hikari Tsushin. The companies are not in any talks, she said.
A Kyocera spokesman also denied the speculation.
Hikari Tsushin's shares have plunged 93 percent since January to yesterday's closing price of 13,800 yen amid skepticism about the company's business model, which relies heavily on income related to mobile phone sales. |
