Juniper Networks (JNPR) shares plunged in premarket trading after European tech equipment maker Nokia Oyj  (NOK) denied it was considering an offer for the Sunnyvale, California-based company.

Juniper shares were down 7.13% in Thursday premarket trading with an indicative opening price of $27.49, making it one of the top losers of the morning.

Shares in network gear maker closed more than 5% on Wednesday at $29.61, after reports on CNBC that Finnish network equipment maker Nokia was considering making an offer for the Juniper.

4 Thoughts on Nokia's Reported $16 Billion Bid for Juniper

Nokia on Thursday, however, denied the reports, saying it is "not currently in talks with, nor is it preparing an offer for, Juniper Networks related to an acquisition of that company."

CNBC reported on Wednesday that Nokia was readying a takeover bid that would value Juniper at around $16 billion, sending shares in Juniper up 18% in after-hours trading.

Espoo, Finland-based Nokia has been concentrating on its telecom equipment business, with a focus on the Internet of Things, 5G and the cloud, since selling its mobile phone unit to Microsoft Corp. MFST.

Nokia last year closed its $17 billion merger with French telecom equipment giant Alcatel-Lucent but it is coming off a third quarter in which its core Nokia Networks unit saw revenue drop 9% annually amid weak U.S. and Chinese mobile infrastructure demand. Nokia has also guided for Networks' "primary addressable market" to decline by 4% to 5% in 2017 in constant currency (CC), and by 2% to 5% in CC in 2018.

Nokia shares were down 0.43% in Finland, changing hands at €4.19, while its U.S. ADR was down 0.8% in premarket trading.

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