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Shares of Abercrombie & Fitch (ANF) were climbing nearly 7% during afternoon trading on Wednesday after Dow Jones reported that Cerberus and American Eagle (AEO) are working on a takeover bid for the retailer.

Earlier this month the teen apparel retailer confirmed that it was exploring a sale.  American Eagle was rumored to be one of the most eager bidders, according to the  Wall Street Journal.

Express (EXPR)  had also been rumored to be interested in a purchase of Abercrombie.  

Shares of American Eagle were climbing over 3% after the report.  

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