Imax Spills the Popcorn

Imax (IMAX Quote) plunged 37% late Wednesday after the movie technology shop said it failed to find a buyer.

Imax put itself on the block March 9, sending its shares up 9% to $10.35. But the auction didn't work out the way bulls hoped.

"Today the Company reported that while it received significant initial interest from multiple parties, its view is that there are presently no buyers who have indicated a willingness to acquire the Company at a valuation sought by the Board of Directors," Imax said. "Because interest remains from several parties at a lower valuation, however, the Board has authorized the Company's bankers to explore these opportunities. This process is ongoing."

Toronto's Globe & Mail reported recently that second-round potential buyers of the movie technology shop included Sony(SNE Quote), private equity fund Elevation Partners, which counts U2 singer Bono as a backer, and South Korean film exhibitor CJCGV.

Imax put itself on the block this spring. Analysts had estimated that the company would fetch between $12 and $14 a share, or between $600 and $700 million.

Imax also put itself up for sale in 2000, but a deal failed to materialize.

The bottom fell out late Wednesday, with shares plunging $3.63 to $6.