Alvarion gives up earlier gains on delay of potential acquisition

|About: Alvarion Ltd. (ALVR)|By:, SA News Editor

Alvarion (ALVR +4.1%) gives up the majority of the morning's gains after the company announces that the court-appointed receiver has requested an extension of the operating plan from Aug. 23 to Aug. 30. That plan allows the company to operate as a going concern and carry out a bidding process while in receivership.

The stock was up as much as 32.9% before the announcement. Traders betting on an acquisition by Aug. 23 were disappointed.

The receiver will "continue discussions with the parties which submitted offers as part of the bidding process to sell the company and/or its assets."