DreamWorks Animation shares rise almost 30%

Shares of DreamWorks Animation rose almost 30% on Monday after news of a proposed acquisition by Japanese telecommunications giant SoftBank Corp.

SoftBank, which controls Sprint Corp. and recently dropped a bid to acquire T-Mobile, has offered to buy the Glendale-based studio for $32 a share, according to a person familiar with the talks. The offer values DreamWorks at $3.4 billion.

The company’s share price on Wall Street closed at $22.36 on Friday. Despite the sharp increase Monday, shares were still below the company’s 52-week high of $36.01, reflecting uncertainty among some investors about whether the sale will go through.

Several analysts said they view the deal as a good strategic move for DreamWorks, giving it the kind of financial stability it needs to weather box-office misfires and invest in digital media ventures.

The Jeffrey Katzenberg-led studio is behind box-office favorites such as “Shrek” and “Madagascar,” but it has also experienced recent misses such as “Turbo” and “Rise of the Guardians.”

The company has recorded three write-downs in two years, causing a sharp slide in its share price, which has fallen nearly 40% this year.

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