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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