General Mills Surrenders Partial Gains After Takeover Rumor Squashed

General Mills, Inc. GIS shares are trading higher by $1.70 (2.8 percent) at $57.75 in Thursday's session.

The stock began moving higher from the $56.00 area just after 10:00 a.m. EST, when there were rumors 3G Capital may be interested in acquiring the company.

Within an hour, the stock rallied all the way to $60.21, which represents its highest level since March 21 when it peaked at $60.75. Around 10:54 a.m., CNBC's David Faber reported that there was no truth to a report of a General Mills bid.

Trapped buyers attempted to exit the stock, knocking it down nearly $2.00 in a minute. It has continued to drift lower, but found intraday support at the $57.60 as of 11:50 a.m. EST.