Why Avid Technology Stock Was Blasting Higher This Week
Avid Technology (NASDAQ: AVID), a storied maker of film-, video-, and audio-editing solutions, is apparently for sale, and investors have become excited about the prospect of a lucrative deal. As a result, as of early morning Friday the company's share price had climbed by almost 19% week to date, according to data compiled by S&P Global Market Intelligence.
Wednesday afternoon, Reuters reported that Avid is exploring a potential sale. Citing unidentified "people familiar with the matter, the news agency said the company is collaborating with white-shoe investment bank Goldman Sachs on the process. It has requested that interested buyers submit binding offers.
The article did not mention a potential price Avid might fetch in a sale. Those sources said that it isn't guaranteed that a deal will be reached at all.
Source Fool.com
