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Michael Kors shares jump 5 percent as M&A chatter swirls

Fred Imbert
Christopher Jue | Michael Kors | Getty Images. Michael Kors shares surge more than 5 percent as takeover talk mounts.

Shares Michael Kors (KORS) jumped more than 5 percent Wednesday to trade among S&P 500 leaders as talk mounted of a takeover of the handbag maker.

A Michael Kors spokesperson declined to comment to CNBC.

Other news outlets have reported on the takeover chatter that has swirled around the Kors recently. On Tuesday, Schaeffer's Investment Research said "unsubstantiated takeover rumors" prompted trading of Kors' call options at a nearly quadruple rate of normal activity.

Madrid-based InterEconomia.com reported Wednesday that Kors was studying a $10 billion offer, but it did not cite a buyer or the source of its information.

Kors is expected to release its next earnings report on Nov. 2.

The stock ended the day at $50.10 a share, more than 5 percent higher. More than 6.5 million shares were exchanged, outpacing the stock's 10-day average volume of 2.5 million shares.



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