KODAK TAKEOVER SPECULATION OF XEROX CORP

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KODAK TAKEOVER SPECULATION OF XEROX CORP

 user 2007-01-11 at 1:29:00 pm Views: 62
  • #17210

    Xerox options trade surges on takeover speculation
    January 
    2007;CHICAGO – Xerox Corp. options trading surged on Monday as trader
    speculation spread that Eastman Kodak Co.could acquire the printer
    maker, options analysts said.Analysts downplayed the speculation,
    noting that such a transaction is unlikely to occur because film maker
    Kodak is less than half the size of Xerox by market capitalization and
    is in the midst of a restructuring following years of turmoil in its
    business.Xerox spokeswoman Christa Carone declined comment, saying the
    company would not respond to rumors and speculation. Kodak had a
    similar response.Xerox shares have a market value of about $16 billion,
    more than twice Kodak’s market capitalization of about $7 billion.”I
    don’t see Xerox getting bought out,” said Paul Foster, an options
    analyst with Chicago-based theflyonthewall.com who reported the rumor
    on the financial news Web site on Monday. “But I reported it because
    that was the chatter on trading desks this morning.”Some 23,000 Xerox
    options had changed hands as of Monday afternoon. That is more than 21
    times the average daily volume over the past month, according to market
    research firm Track Data.”We do see an interest in Xerox call options
    today. There are rumors of a possible takeover,” said independent
    options trader Robert Leone at the Chicago Board Options Exchange. “But
    this is not the first time that Xerox has been mentioned as a takeover
    candidate.”Stamford, Connecticut-based Xerox shares rose 30 cents, or
    1.8 percent, to $17.03 in late afternoon trade on the New York Stock
    Exchange. Eastman Kodak shares fell 15 cents, or 0.6 percent, to $25.48.