CACS on the Move Again
5:35 PM -- Shares of Carrier Access Corp. (Nasdaq: CACS) shot up 22 percent today on the Nasdaq . Carrier Access as you know is shopping itself around for a buyer. We reported a few weeks ago that Tellabs Inc. (Nasdaq: TLAB; Frankfurt: BTLA) was close to acquiring the company but so far no deal has been announced and the CACS shares have been slumping ever since. (See Tellabs Close to Carrier Access Buy.)
A straw poll of analysts reveals that Tellabs is still the front runner to supposedly acquire the company but no word on if a deal is any closer or if CACS is talking to other potential suitors.
While today's 22 percent swing could certainly mean that something might have finally happened, the fact that the trading volume on CACS shares was about normal is puzzling. We'll try to dig a little deeper on this one.
— Raymond McConville, Reporter, Light Reading