The offer is more than 40 percent above the company's share price before takeover talks started earlier this year.

Even Teledyne has not been immune to the takeover talk.

On 13 July 2009 the company announced that it was in preliminary takeover talks with a third party.

Among other individual issues, takeover talk played a dominant role in the market's activity.

This week's speculation marks the second time in less than a year that Lockheed has been the center of takeover talk.

Late last month, Drax said it had ended takeover talks.

Paramount Communications rose 2 3/4, to 36 5/8, on renewed takeover talk.

The companies have been in takeover talks since December.

Texaco has been a focus of takeover talk since it emerged from bankruptcy about six weeks ago.

It did not say which one, but the pilots' union has been actively involved in takeover talks with its own advisers and some company officials.