Iona rises 12% on bid speculation

IONA TECHNOLOGIES rose as much as 12% in New York trading after a report that Software AG may make a bid valuing the Dublin-based company at more than $4 per American depositary receipt.

Software AG spokesman Paul Hughes said the company wouldn’t comment on market speculation. Iona spokeswoman Tara Humphreys couldn’t immediately be contacted.

Iona yesterday appointed advisers to review strategic options, including a possible sale.