Report: Rumored Google, News Corp. bids make Blinkx shares soar
Following rumors that the video search engine is looking for a buyer and Google and News Corp. may want it, Blinkx stock rose 50 percent.
Reuters is reporting that shares of Blinkx, a publicly traded video search site based in the U.K., climbed 50 percent on Friday following rumors that corporate giants Google and News Corp. may be vying for an acquisition.
On Friday morning, Blinkx shares were trading at 36.75 pence, their highest value since September. That puts the company's valuation at 102 million pounds, which is equivalent to $199.2 million.
Blinkx has been publicly traded since 2007, when it merged with search engine Autonomy. As part of a clause in its initial public offering filings, Autonomy is slated to receive $50 million in the event of a buyout--and that clause expires on May 24. That may have fueled the acquisition rumors.
Google could potentially want the video search technology.