Logitech shares surge amid Microsoft bid speculation

Shares in Swiss-based computer peripherals maker Logitech International SA gained up to 12 percent on Thursday amid speculation Microsoft Corp (MSFT.O: Quote, Profile, Research) would launch a takeover bid, traders said. But board member Daniel Borel, who is the group's largest shareholder, said he had no reason to sell his 6 percent stake and declined […]

Shares in Swiss-based computer peripherals maker Logitech International SA gained up to 12 percent on Thursday amid speculation Microsoft Corp (MSFT.O: Quote, Profile, Research) would launch a takeover bid, traders said.

But board member Daniel Borel, who is the group's largest shareholder, said he had no reason to sell his 6 percent stake and declined to comment on the market speculation.

 "I am a co-founder of Logitech. Would you be willing to sell your child?" Borel told Reuters in an interview.

"I have no reason to sell. But I will not be the one to decide. I own only some 6 percent so I will neither enable nor prevent a sale of Logitech."

Traders said rumors circulated that Logitech, which has a market capitalization of around 7 billion Swiss francs ($6.3 billion), would receive a takeover bid at 48 francs per share from Microsoft.

This would represent a premium of 38 percent to Wednesday's closing price of 34.80 francs and value the firm at 9.16 billion francs.

"Rumors are rumors. I can't make any specific comment on them," Borel said.

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Logitech, Microsoft, Bid, Share, Stock, Finance, Corporate News