US authorities are investigating unusual levels of trading in Verifone shares in the final days before Hewlett-Packard bought the company last week.
The exercise of Verifone options to buy stock at $30 rose sharply on the day before HP offered $47.25 per share for the company, as speculators bet the stock would rise. The acquisition gave Verifone shareholders a 64 per cent premium in one day.
Verifone refused to comment but analysts believe there may have been some insider trading. The Chicago Board Options Exchange is conducting an inquiry into the options trading, a representative confirmed.
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