Deutsche Telekom is chasing Sprint.  No deal annouced yet, and stock gapped up today.  Currently it is up 10% on the news.

“Sources said Deutsche Telekom (DT) could submit a bid for Sprint, which has a market valuation of $10.6bn (£6.3bn), within the next few weeks.” - telegraph.co.uk article

Just hazzarding a guess, I would says DT will offer 20-30% premium to the recent trading avg of Sprint.  So, I think the price could pop another 10-20% from today’s current price.

DT sounds serious (based on the article above).  I think I will gamble a bit and play for the post-annoucement pop.  I am entering a position today (9/14/2009) at $4.10/sh in my simulated portfolio.