Lumos Networks Corp In Play Following Takeover Rumors

Shares of Lumos Networks Corp (NASDAQ: LMOS) experienced a sharp rise in share price Monday afternoon following takeover comments from Dealreporter stating, “Lumos said to begin sale process.”

Beginning around 1:00 p.m. EDT, shares of Lumos Networks quickly rose to a high of $15.25 off the $14 low, consolidated at $15 and were recently trading on the highs of the day at $15.30.

Traders are suggesting the continued rise in price is likely attributed to positive comments from a Wells Fargo analyst indicating that a takeover bid for Lumos could be above $23 per share, offering 50 percent upside potential.

Wells Fargo has an Outperform rating on shares of Lumos Networks.