Word that another company had made a bid for Citadel Broadcasting, albeit one which was rejected, gave a boost to trading interest in Citadel’s usually thinly traded stock.
All three of the Citadel securities traded on the OTC pink sheets jumped on the news Monday morning, although the pricing settled back later in the day.
The Class A shares jumped as high as $28.95 and ended the session up $1.75, or 7%, at $26.75.
The Class B shares traded as high as $28.50, which was also the price of the last reported trade, so that was a gain of 75 cents, or 2.7%.
Also, the warrants, which can be exchanged for Class A shares with no cash changing hands, touched $30 at one point. They ended the day up $1.51, or 5.5%, at $29.