Barron’s has a post on how Redback shares have been surging this year – and how well-known Silicon Valley venture capital firm, Technology Crossover Ventures, recently invested $50 million to buy 2.3 million shares (on the heels of the 1.07 million shares it purchased for $11 a share in November). Last week, Redback stock traded as high as $24.99 – its highest level since it came out of bankruptcy protection in January 2004. Redback is of particular interest to Nortel watchers because there has been active speculation Redback could be an acquisition target. Then again, Nortel purchased Tasman Networks for $99-million so perhaps there’s little interest now in Redback.
Redback Shares Red-Hot