Although there was heavy trading in Home Shopping Network Inc. shares Wednesday, a spokeswoman for the company said she wasn’t aware of any corporate developments — including any new development related to the proposed merger with QVC Network Inc. — that might account for the action.
The company doesn’t know of any particular HSN stockholders involved in Wednesday’s trading or whether HSN chairman Roy Speer may be continuing to reduce his position in HSN.
Speer sold 4.56 million of the company’s common shares in six separate transactions in June. He still holds 4 million HSN common shares and nearly 4.2 million Class B shares of HSN.
HSN closed off 5/8, or 4.2%, at$ 14.125 on a volume of 6.2 million shares. Average daily volume for the stock is 976,300. On Tuesday, following a merger proposal by QVC, the stock set a new 52-week high of $ 15.125.