Colt Leaps on Takeover Rumor, Bond Buyback

Updated from 7:53 a.m. EDT

Colt Telecom

(COLT)

was up 36.3% in early afternoon.

Monday, the British newspaper the Observer reported that the UK telco could be the target of a takeover bid, a report that Colt summarily dismissed.

Also Monday, the company unveiled a bond buyback, reducing its debt by 47 million pounds ($68 million).