The No. 1 satellite company is +6.3% in post market trading after the Wall Street Journal reported that DirecTV and AT&T are “moving quickly” and could make an announcement within two weeks. The paper says AT&T may offer cash and stock that values DirecTV at $50B, a 12.4% premium over its $44.5B market value based on today’s closing price. If DirecTV’s after hours trading price of about $92.65 a share holds, then it would set a new record high for the stock, which is up 13.8% since the end of April when reports of the talks with AT&T surfaced. Last week DirecTV CEO Michael White sought to besmirch the accurate reports about the talks with AT&T as little more than “media rumors and speculation.” He added that the reports “are not based on official sources of information” but did not contradict them.
DirecTV Shares Up On Report That A Deal With AT&T Is Near
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