Shares of Research In Motion Limited, the maker of BlackBerry smartphones, continue to rise in today’s trading after a sharp rebound yesterday on speculation that the company might be a takeover target.
At last check, RIM shares were trading 2.90% higher at $24.28, with volume at 13.5 million. On Tuesday, RIM shares fell below $20 for the first time in six years.
The takeover speculation started after a report from The Independent said that Vodafone (ADR) (NASDAQ: VOD) could consider acquiring the BlackBerry maker. Vodafone declined to comment on the issue, however, analysts say that it will be highly unusual for a wireless company to acquire a manufacturer of handsets.
RIM has become an attractive takeover target in the last few months following a sharp decline in the company’s shares. This year the company’s shares lost more than 60% of their market.
RIM shares have been falling as the company continues to struggle against the likes of Apple’s (NASDAQ: AAPL) iPhone and Android devices. The company has consistently lost market share to iPhone and Android devices. The company has also suffered due to delayed product launches and a poor performance of its tablet device.
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