Shares in pan-European firm Colt Telecom have surged after a press report said it might be the target of a takeover by US firm AT&T.
The Guardian newspaper said Fidelity Investments, which holds a 60% stake in the firm, is urging AT&T to buy the company at 300-pence-a-share.
Colt responded in a statement by saying it noted the share price movements but knew of "no reason for the increase".
Colt's shares ended 18% higher by close of trade in London at 182 pence.
Based on a 300-pence-a-share offer, Colt would be worth more than £2bn ($4.1bn).
Earlier in the year, Colt said market conditions would remain difficult for the rest 2007.
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