RealD Shares Soar On Bid From Starboard Value

Starboard Value LP on Wednesday announced it has offered $12 per share for the remaining shares of RealD (NYSE: RLD), an offer that values the firm in the ballpark of $540 million. Following the announcement, shares of RealD shot up as much as 26 percent in the after-hours session.

RealD responded to the offer: "RealD is always open to constructive discussions about opportunities to increase stockholder value. The Company will continue to take actions it believes are in the best interest of all RealD stockholders."

The company also noted that its board of directors is in consultation with advisers to evaluate the offer.

At last check, RealD share were trading at $11.55, up 24.6 percent from Wednesday's close.