Condom Maker Church & Dwight Says It Hasn't Received Any Acquisition Offers

Shares of Church & Dwight Co., Inc. CHD spiked higher on Wednesday following unconfirmed reports the company is being eyed as an acquisition target by Durex and Procter & Gamble Co PG.

Wall Street's initial reaction was mixed. Analysts at Sterne Agee CRT suggested a combination of the companies is "unlikely" but still falls under the "never say never" category.

Related Link: Church & Dwight Pops And Drops Amid Rumored Interest From Durex, Procter & Gamble

Yet again on Thursday, unconfirmed market chatter suggested that a $23 billion offer to acquire Church & Dwight from Reckitt Benckiser is on the table.

Analysts at Deutsche Bank expressed doubt in the reports and cautioned investors that shares are likely to give up gains. This is exactly what happened.

Shares of Church & Dwight opened for trading on Thursday at $107.00 and quickly moved to an intra-day and 52-week high of $107.36. However, after the company confirmed in a statement it hasn't received an offer, shares took a nosedive to below the $100 per share mark.

"The Company believes that it is prudent to advise its employees and investors that the Company is not engaged in discussions with, nor has it received any proposal or communication concerning a potential bid for the Company or any of its business units and is not otherwise aware of any information supporting these rumors," the statement noted.

By late Thursday morning, shares were trading at $98.50, still up around 1.50 percent on the day. The stock was halted at 10:17 a.m. ET and reopened at 10:51 a.m. ET.