America Online denies talk of takeover as stock soars
The price of America Online Inc.'s stock surged again yesterday, but the company denied reports that the company might be a takeover target.</br></br>"We are troubled by the continued speculation about America Online being acquired, because we have already said that it is without substance," the company's president and chief executive, Stephen M. Case, said in a statement after the stock market closed.</br></br>America Online's stock rose $8.75 yesterday, closing at $91.50 in trading on the Nasdaq stock market.</br></br>At the end of the year, America Online's stock was trading in the low 50s. But since the end of January, its stock has soared 51 percent.</br></br>"While the company has had informal expressions of interest in the past, we have not received any acquisition offers, and we are not conducting any discussions about being acquired," Case said.