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Axsys shares jumped more than 32% in regular trading Wednesday on media reports that the company has put itself up for sale in an auction that drew a first round of bids on Tuesday. Sources said the company is asking for roughly $60 per share.
Notwithstanding strong historical and projected revenue and earnings growth, downward pressure on Axsys' publicly traded stock in recent months has led to an increasing number of overtures from interested strategic buyers, the company said in a statement and added that it has engaged the investment banking firm Jefferies & Co., Inc. to conduct a formal process.
Axsys also said while it feels that it is appropriate to evaluate offers for the company, it is under no obligation to accept an offer that it does not believe is in the best interest of its shareholders.
Only last month, the Rocky Hill, Connecticut-based company reported a 15% rise in fourth quarter profit, helped by a double-digit revenue growth, and reaffirmed its fiscal year 2009 guidance.
However, the company's shares have fallen sharply in the last three months or so, hitting a new 52-week low on Tuesday, March 10.
Currently, the company has a market capitalization of $409.2 million and an enterprise value of $284.1 million.
Axsys shares, which have traded in a range of $24.35 to $79.69 over the past year, closed Wednesday's regular trading session at $36.27, up $8.90 or 32.52%. The stock is gaining $1.60 or 4.415 in after hours trading.
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