Yak Communications

(YAKC)

jumped after its board approved a deal for Globalive Communications to buy the company for $5.25 a share.

Following the news Yak was up $1.16, or 30%, to $5.06.

Shareholders representing a majority of Yak's issued and outstanding shares have agreed to tender their shares in the bid. Yak offers telecom services including long distance and broadband voice access.