NEW YORK - The 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 added 81 cents, or 7.40 percent, to $11.75 on the New York Stock Exchange. Almost 11,000 calls to buy the stock changed hands, 12 times the four-week average. The most-active contracts were March $12.50 calls, which jumped 250 percent to 35 cents and changed hands almost 4,000 times.
Before yesterday they had an open interest, or number of outstanding contracts, of 179. This month’s options, known as front-month contracts, expire March 19.
“It looks like takeover speculation,’’ said Joshua Belanger, founder of OptionSizzle.com, a Stamford, Conn., provider of options market data and analytics. “They’re going after the front-month March contracts and there’s a spike in the price too.’’
Diane McNulty, a spokeswoman for the Times Co., owner of The Boston Globe, said in an e-mail 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 the Times Co.’s Class A shares. He also has warrants to buy enough stock to give him control of 16 percent of the shares.
Slim has no plans to change his investment in the Times Co., including warrants he holds to buy more shares, said Arturo Elias, his chief spokesman.
“We are very happy with the performance of the company, in the reduction of costs, and how sales have improved,’’ Elias said yesterday.
