By Pete Najarian, co-founder of OptionMonster

NEW YORK ( OptionMonster) -- Millicom's ( MICC) name has been tossed around as a potential takeover target, and Thursday one investor was buying time for a move.

OptionMonster's tracking systems indicate that the owner of 4,000 April 105 calls apparently sold the contracts for 20 cents and rolled the position to the July 110 calls. The trader paid $1.20 for the new position but, including the money from the April calls, the net cost was $1.

Millicom operates as a global telecommunications group with mobile telephony in 14 countries across Central America, South America, Africa, and Asia. Last week Mario Gabelli, CEO of Gamco Investors, said it could be the next company snapped up in the wake of the planned merger of AT&T ( T) and T-Mobile.

The stock edged lower by 0.16% to close Thursday at $97.70 but is still up 12% in the last month. The company's next earnings report is due on April 19.

The roll caused a spike in Millicom's option volume, driving it to about 18 times its daily average.

Najarian has no positions in MICC.
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

If you liked this article you might like

Millicom International Cellular Reaches New 52-Week High (MICC)

Millicom International Cellular Reaches New 52-Week High (MICC)

Millicom International Cellular Reaches New 52-Week High (MICC)

Millicom International Cellular Reaches New 52-Week High (MICC)

Millicom International Cellular Reaches New 52-Week High (MICC)

Millicom International Cellular Reaches New 52-Week High (MICC)

Millicom International Cellular Reaches New 52-Week High (MICC)

Millicom International Cellular Reaches New 52-Week High (MICC)

Millicom International Cellular Reaches New 52-Week High (MICC)

Millicom International Cellular Reaches New 52-Week High (MICC)