Church & Dwight Spikes 20% After Rumored Interest From Durex, Procter & Gamble

Shares of

spiked higher Wednesday morning following unconfirmed market reports the company is being eyed as an acquisition target by Durex and

. Shares of Church & Dwight surged higher by 20 percent early Wednesday morning but quickly gave up most of the gains. The stock was still higher by 3 percent 90 minutes ahead of the opening bell.

reported that Durex and Procter & Gamble are finalizing an offer to acquire the company and dominate the global market for condoms.