Leap Wireless (LEAP) Higher On Takeover Talk

Shares of Leap Wireless International (Nasdaq: LEAP) are higher today on rumors it could be the target of a takeover bid. Shares are up 6% on heavier-than-normal volume.

MetroPCS Communications (NYSE: PCS), which scrapped its bid for LEAP in 2007, could make another run at the company according to some.

Back in 2007, MetroPCS offered to acquire the company in a stock deal that was at that time worth $78 per LEAP share. LEAP rejected the offer and PCS later withdrew their bid.

Based offer the past offer of 2.75 shares of PCS for each LEAP share, the deal could be worth $21.67 per LEAP shares based on PCS current market price of $7.88. LEAP currently trades at $17.45.

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