Thursday, August 03, 2006

Visteon (VC) Jumps On Reports Company Hired Advisors for Sale

Shares of Visteon Corp. (NYSE: VC) are ramping higher today on reports the company may be sold. According to reports from Bloomberg, DebtWire reported that the company hired Citigroup and JP Morgan to advise on a sale and the company has received a first round of bids.

On Tuesday, Visteon reported better than expected second quarter results and raised its estimate for 2006 full year EBIT-R.

The company's largest shareholder Pardus Capital has been buying large amounts of stock recently and may behind a push to sell the company.

Shares of Visteon Corp. are up 14.2% to $7.80 in early action Thursday, after trading as high as $8.45 earlier in the session.


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