TiVo's stock soars in active trade after report of merger talks
Shares of TiVo Inc. soared 17% in active morning trade Thursday to a 3 1/2-month high, after a report that the maker of digital video recorders was in merger talks. Volume within 15 minutes of the open was 1.6 million shares, which was already more than the full-day average of about 946,000 shares over the past 30 days, according to FactSet. The New York Times reported Thursday that TiVo was in advanced talks to be sold to Rovi Corp. , citing people briefed on the talks. Any deal would likely be a combination of cash and stock, the report said. TiVo's market-capitalization was $752.3 million through Wednesday's close, according to FactSet. Rovi's stock fell 1.9% in morning trade Thursday.
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