The struggling 3D technology company hung up a “for sale” sign late today, helping to send its share price up 8.8% in post-market trading. RealD asked financial advisers Moelis & Co to seek “strategic alternatives,” which typically means a merger or sale. There’s no timetable on the process and the board “does not intend to disclose further developments” until it figures out what to do, the company says. RealD rejected $600 million unsolicited offer from Jeffrey Smith’s activist hedge fund Starboard Value in November.
The decision to seek a deal “is a logical next step in our ongoing effort to unlock value for RealD shareholders,” CEO Michael Lewis says. “While operational and financial actions we have taken thus far are beginning to show results, we believe that a full review of strategic alternatives will allow us to determine the best path forward.”
The company could use some help as studio and consumer interest…
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