Zayo Group

Shares of Zayo Group Holdings  (ZAYO - Get Report) soared Wednesday  after the communications infrastructure provider said it was "evaluating strategic alternatives that may enhance shareholder value."

Zayo's stock price jumped 6.68% to $26.05 after the company announced it would be exploring its options and would cancel a planned analysts day event on March 14 as it begins to look at various possibilities.

The spike in Zayo comes after a tough year in which the communications infrastructure company, which runs a fiber optic network in North American and Europe that spans 130,865 miles, saw its stock price lose more than a third of its value.

Zayo did not provide details on exactly what options it would be exploring, such as sale, nor did it set a timetable, which it expects to take a "minimum of several weeks to months."

However, Sachem Head Capital, an activist hedge fund, has pushed Zayo to consider acquisition offers after the company rejected buyout proposals from Blackstone Group and other private equity firms, Reuters has reported.

In a statement, Dan Caruso, Zayo's chairman and CEO of the Boulder, Colo.-based company, appeared to indicate a willingness to entertain offers that would take the company private.

"Zayo's purpose is to provide mission-critical bandwidth to the world's most impactful companies," Caruso said in a statement."Whether public or private, this will remain Zayo's focus and we will continue to expand the depth and breadth of our fiber infrastructure."