DreamWorks Animation stock soared more than 25% on the first trading day since reports first surfaced that the studio was in early talks with Japanese wireless carrier SoftBank about a possible merger.
According to The Hollywood Reporter, SoftBank is willing to pay as much as $32 per share for the studio, or about $3.4 billion. That represented a 43% premium to DWA shares on Sept. 26, but it is a gap that is closing fast.
While all sides have remained mum on the reports, DreamWorks’ stock continues to soar. Shares rose as high as $28.97 each (up $6.61 or 29.6%) in early trading. The stock was priced at $28.17 each (up $5.81 or 26%) in early afternoon trading Monday.