T. Rowe Price stock spurts after rival is bought

January 31, 1998|By BLOOMBERG NEWS

Shares in Baltimore-based T. Rowe Price Associates Inc. leaped $5.875 -- 10 percent -- yesterday to close at $64.75, amid continued speculation about takeovers in the money-management business.

The jump in Price's share price followed Amvescap PLC's agreement to buy LGT Asset Management for $1.3 billion in cash and stock -- the fourth-highest price ever paid for a money-management company.

Much of the advance in T. Rowe shares came in the final two hours of trading. The 753,000 shares that traded hands were about double the normal daily trading volume.

T. Rowe Price spokesman Steven E. Norwitz said his company intends to "remain independent and we don't comment on market speculation."

Pub Date: 1/31/98

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