Investment banking firm Piper Jaffray Companies on Thursday responded to speculation about a takeover by saying the company intends to remain independent.
The Minneapolis-based firm's share price spiked 10 percent Thursday following reports the company might be sold to a Chinese firm. Piper Jaffray later released a statement saying the company routinely evaluates corporate development ideas.
The statement said that includes possibilities such as a joint venture in Asia, as the company evaluates ways to improve the performance of its small operation in Hong Kong. Piper's share price floated back down, but closed up nearly 2 percent on the day.