Nokia Reportedly Makes $7 Billion Takeover Bid For Tellabs

Nokia (NOK) has offered to buy Tellabs (TLAB) for $7 billion, TheStreet.com reports. The story cites “a source familiar with the deal.”

According to the story, Nokia is offering $16-$17 a share for Tellabs, a maker of telecom hardware which has been the subject of repeated takeover speculation. The story said a decision from Tellabs on the deal is “not imminent.”

According to TheStreet, the two companies would not comment.

Monday morning, Tellabs is up $1.95, or 16%, at $13.80.