Movie-theater chain Imax told its shareholders that it still hasn't found what it's looking for from its auction to sell itself. The Toronto-based company reported that offers for the company — including one from Bono's Elevation Partners — were too cheap. The news about the failed auction was announced along with its second quarter earnings. Despite the strong earnings, shareholders sent the stock to a 52-week low when it became clear that the company could remain independent rather than finding itself in the arms of a buyout firm or media and electronics giant Sony, which last month the Globe & Mail reported was on a short list of second-round bidders. The company expects to keep the auction open in the hopes that a bidder may sweeten its offer. —Matthew Wurtzel
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