Church & Dwight Pops And Drops Amid Rumored Interest From Durex, Procter & Gamble

Shares of Church & Dwight Co., Inc. (NYSE: CHD) spiked higher Wednesday morning following unconfirmed market reports the company is being eyed as an acquisition target by Durex and Procter & Gamble Co (NYSE: PG).

Shares of Church & Dwight surged higher by 20 percent early Wednesday morning, but quickly gave up most of the gains. The stock was still higher by 3 percent at $99 about 90 minutes ahead of the opening bell.

Negocios.com reported that Durex and Procter & Gamble are finalizing an offer to acquire the company and dominate the global market for condoms. Church & Dwight's Trojan brand is the market leader for the U.S. condom industry.

Related Link: Church & Dwight Experiences Unusual After-Hours Volatility

The stock experienced volatile trade on Tuesday, and closed down about a percent at $95.53. Shortly after the close, investors started seeing some large indications higher. The stock price was briefly indicated at what would be a new 52-week high of $99.16, before quickly moving back to a more normal level.

Some traders suggested caution amid the after-hours volatility as the company was the target of some unconfirmed chatter early in Tuesday's session. Church & Dwight and P&G were not available for response throughout Tuesday's session.