PubliGroupe SA (PUBN) surged as much as 25 percent to the highest in almost three years after Tamedia AG (TAMN), which publishes the Zurich daily newspaper Tages-Anzeiger, bid for the advertising company to strengthen its position in the directory business.

The stock reached 158.70 Swiss francs, the highest since July 2011, in intraday trading. The shares traded up 23 percent at 12:01 p.m. in Zurich, giving the Lausanne-based company a market value of 346 million francs ($391 million). Tamedia shares advanced 2.7 percent.

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