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Report: Cingular Eyes AT&T Wireless

TSC Staff

You could call it a singular interest.

AT&T Wireless(AWE) 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 ) and SBC Communications(SBC ), 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.