Trend Micro Shares Rise in Tokyo After DigiTimes Reports Takeover Approach
Trend Micro Inc. rose the most in more than a year in Tokyo trading after Taiwan’s DigiTimes reported the Japanese maker of antivirus software has been approached for a possible takeover.
Trend Micro climbed 10 percent to close at 2,576 yen on the Tokyo Stock Exchange, the biggest advance since April 30, 2009, after soaring as much as 21 percent. The Tokyo-based company has received no concrete acquisition proposals, Trend Micro said in a statement today.
The company isn’t ruling out accepting acquisition offers, Taipei-based DigiTimes reported earlier, citing the company’s Chief Executive Officer Eva Chen. Chen didn’t name the possible buyer, according to the report.
“The pace of acquisitions in the antivirus-software industry is picking up as companies face slower growth and increased price competition,” Hidemasa Mizumoto, an analyst at Mizuho Investors Securities Co. in Tokyo, said by phone. Mizumoto recommends holding Trend Micro shares.
Security software makers are attracting attention from consumer electronics and chip makers as more devices such as mobile phones, game and music players can connect to the Internet. Intel Corp. said last month it will pay $7.68 billion for McAfee Inc., following Hewlett-Packard Co.’s agreement to buy Fortify Software Inc.
Chen’s reported comments were the company’s basic stance on measures against takeovers and weren’t referring to any specific acquisition, Trend Micro said in the statement to the TSE.