Business Services Industry
Shares of Wisconsin's Madison Gas & Electric See Trading Surge.
Knight Ridder/Tribune Business News, May, 1999 by Newman, Judy
Knight Ridder/Tribune Business News
May 22 -- A surge in trading of Madison Gas and Electric Co. stock this week has analysts wondering if the small, investor-owned utility is about to become the target of a takeover or buyout attempt.
On an average day, about 17,000 to 20,000 shares of MGE stock are traded through the NASDAQ system, said MGE spokesman Steve Kraus.
This week, the volume soared to 120,800 shares traded on Wednesday and on Thursday, volume totaled 218,00 shares, said Bill Braucht, vice president of investments at Dain Rauscher in Madison.
That's more than 10 times the normal activity level.
Why the sudden interest? "We don't have a clue," Kraus said.
MGE shares closed Friday at $22.75, up 16.7 percent...
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