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Twitter stock hits 7-month high on takeover rumours

Microblogging firm reportedly rebuffed advances from two suitors

IT Business, Mergers and acquisitions, Financial news, Twitter Incorporation

Twitter saw shares jump as high as 5% yesterday on widespread speculation that the company has been approached by two separate companies with takeover bids, online media reported.

According to several reports, Google is one of the companies and Twitter has retained Goldman Sachs in an advisory role, to fend off the advances.

Earlier this year Twitter reached an agreement with Google to show tweets in search results. The Web giant has 300m active users on its Google+ social channel as of last month, according to figures from statista.com. While Twitter has only 288m, that user base could help Google on its way to compete with Facebook's 1.4bn users.

Twitter shares rose to $53.28 yesterday, their highest level since October, according to Reuters.