Report: Cingular Eyes AT&T Wireless

You could call it a singular interest.

AT&T Wireless(AWE Quote) was surging Tuesday after No. 2 wireless company Cingular Wireless reportedly made an all-cash takeover offer for its rival over the weekend.

The value of the offer by Cingular, owned by Bell South(BLS Quote) and SBC Communications(SBC Quote), is unknown but is believed to be above AT&T Wireless's Friday closing price of $9.99 a share, according to a Tuesday report in USA Today.

If the deal was successful, Cingular would become the nation's No. 1 wireless carrier.

Takeover speculation, including a deal with Cingular, has swirled around ATT Wireless recently and analysts consider it a leading candidate in any industry consolidation.

AT&T Wireless shares were up 61 cents, or 6.1%, to $10.60.