Shares of BlackBerry maker Research In Motion Ltd. briefly rose to new highs Thursday amid speculation that software giant Microsoft Corp. was interested in buying the Canadian company.
Waterloo, Ontario-based RIM's stock closed up 91 Canadian cents (US$86 cents), or 1 percent, to C$87.71 (US$82.9) on the Toronto Stock Exchange Thursday.
More than 1.7 million shares changed hands, most of them in the morning when the stock reached a new high of C$89.68 (US$84.72).
RIM, worth almost C$50 billion (US$47 million) in market capitalization, has recently come off a record earnings period and continues to rack up impressive sales and results.
The rumor circulating in financial circles was that Microsoft is interested in RIM in light of a recent announcement from search engine behemoth Google that it is considering to make its own mobile phone operating system.
Microsoft, based in Redmond, Washington, would not comment on the on the rumors.
RIM CEO Jim Balsillie did not return an e-mail seeking a response to the buyout claims.