Updates stock information
OVERLAND PARK, Kan. (
shares soared in premarket trading Monday on a report over the weekend that
may bid for the company.
Deutsche Telekom, the owner of mobile phone company
, is mulling a multi-billion bid for Sprint and has contacted banking advisers to help study the deal, London's
Sources told the newspaper that Deutsche Telekom could submit a bid for Sprint, which has a market valuation of $10.6 billion, within the next few weeks.
In Monday morning trading, Sprint shares were up 10.3% to $4.16.
Earnings Will Justify Tech Rally
Deutsche Telekom and Sprint refused to comment on the report.
If Deutsche Telekom does bid for Sprint it would come on the heels of the company's announcement last week it was in exclusive negotiations to combine its T-Mobile U.K. division with
Orange U.K. in a 50-50 joint venture.
suggests in its report that Deutsche Telekom could now be turning its attention to reversing the fortunes of its struggling T-Mobile operation in the U.S.
-- Reported by Joseph Woelfel in New York
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