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Aug. 17 (Bloomberg) -- InterDigital Inc. surged after Reuters reported that Qualcomm Inc. and Nokia Oyj are among technology companies pondering bids for the company’s assets, citing people familiar with the matter.
InterDigital, which owns about 1,300 patents related to mobile-phone technology, leaped as much as 12 percent to $71.87 in Nasdaq Stock Market trading. The shares have gained about 70 percent since the company said on July 19 it hired Evercore Partners Inc. and Barclays Capital to help explore a potential sale to take advantage of demand for wireless patents.
Samsung Electronics Co., Google Inc. and Apple Inc. have also been considering whether to bid for InterDigital’s assets, people familiar with the matter have said in recent weeks. The stock sank on Aug. 15 on speculation that Google might no longer be a potential suitor after announcing its $12.5 billion bid for Motorola Mobility Holdings Inc., said Philippe Zera, an analyst at Algorithm Capital in Santa Clara, California.
“The extent of Monday’s selloff was unwarranted,” said Zera, whose firm owns shares of InterDigital and recommends buying the stock. “The stock is recovering.”
InterDigital has said its patents are deeper and stronger than those Nortel Networks Corp. auctioned earlier this year. A group led by Apple and Microsoft Corp. won with a $4.5 billion bid on July 1.
James Etheridge, a spokesman for Nokia, said the company doesn’t comment on speculation. Emily Kilpatrick, a spokeswoman for San Diego-based Qualcomm, declined to comment, as did Jack Indekeu, a spokesman for InterDigital.
InterDigital rose $5.53, or 8.6 percent, to $69.56 at 4 p.m. New York time.
--With assistance from Diana Ben-Aaron in Helsinki and Ian King in San Francisco. Editors: Jillian Ward, Marcus Chan
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