Takeover talk is pushing the share price of Legg Mason [see profile] stock higher. Dow Jones reported that option trading in the asset manager's shares rose to five times normal levels due to the speculation. The report did not identify any potential buyers or details of the rumors making their way across traders' desks.

More than 4,060,069 shares changed hands compared to the average volume of 3,072,380 shares a day.

The price of Legg Mason shares rose 25 cents to $25.45 for a gain of 1 percent.

The busiest option trade was for the September $28 call options that are priced at 29 cents and will make money if Legg Mason's shares gain at least 11 percent by mid-September. 

Edited by: Sean Hanna, Editor in Chief


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