The U.K. directory publisher Yell’s stock had its best day of trading in months, leading to speculation that the company might be a takeover target. Another report suggests the increase may not be the result of a takeover bid, but rather of traders closing short positions. Yell’s shares rose by more than 13 percent Thursday to GBP 17.77. Shares at one point were up by more than 25 percent during the day.

Speculation about a Yell takeover follows shortly after both PagesJaunes Groupe and Seat PG were compelled to deny reports of a merger.

Yell Group finished the first quarter of its 2011 financial year with total revenues of GBP 439.6 million, down 7.5 percent from a year earlier. At constant currency the decline was 9.9 percent. The company currently carries about GBP 3 billion in net debt, down substantially after a rights issue last year. Yell now generated about a quarter of its revenues online.