NEW YORK — New York Times Co. shares rose as much as 11 percent and bullish options trading was the highest in seven weeks following speculation that the newspaper publisher may be acquired.
The stock rose 7.4 percent to $11.75 in New York Stock Exchange composite trading, the biggest gain since Dec. 23.
“It looks like takeover speculation,” said Joshua Belanger, founder of , a Stamford, Conn.-based provider of options market data and analytics.
Diane McNulty, a spokeswoman for the New York-based publisher of the namesake newspaper, said in an e-mail that the company doesn’t comment on rumors.
Billionaire Carlos Slim, who controls Mexico’s biggest wireless and land-line phone companies, owns about 7 percent of New York Times’ Class A shares. Slim has no plans to change his investment in Times Co., including the warrants he holds to buy more shares, said Arturo Elias, his chief spokesman. Bloomberg News
