AOL Inc (AOL.N) shares rose nearly 9 percent on Thursday as the Internet company -- long seen as a merger candidate -- confirmed it has an investment banker and a law firm on retainer. According to Adweek, teams from investment banking firm Allen & Co and law firm Wachtell, Lipton, Rosen & Katz met AOL executives on Wednesday. Wachtell Lipton lawyer Martin Lipton and Allen & Co banker Nancy Peretsman attended the meeting, Adweek said. AOL confirmed both firms were on retainer, but did not say for how long they had been hired. Reuters reported in November that Allen & Co had been hired by AOL along with Bank of America to explore strategic options. At the time, sources told Reuters those options included a potential merger with Yahoo Inc. YHOO.N
AOL Inc. (AOL) is a global Web services company with a range of brands and offerings and a global audience. Shares of AOL traded higher by 8.82% or $1.13/share to $13.94. In the past year, the shares have traded as low as $10.06 and as high as $27.65. On average, 2281080 shares of AOL exchange hands on a given day and today's volume is recorded at 5437071.
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