Surveillance-camera maker Axsys Technologies Inc. said Wednesday it has hired an investment bank to help explore a possible sale of the company.
The Rocky Hill, Conn.-based company says a steep decline in its stock price has led to an "increasing number of overtures from interested strategic buyers." The company emphasized that it doesn't have to take any offer that is not in shareholders' best interest.
In a brief statement after the market closed, Axsys said it had hired investment bank Jefferies & 3D camerato explore a possible sale.
During the regular trading session, the stock gained $8.90, or 32.5 percent, to $36.27 on initial media reports that the company was for sale. Shares gained another $2.93, or 8.1 percent, to $39.20 in after-hours trading following the company's confirmation of the reports.
The stock traded at nearly $80 in mid-August.
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