Shares of ASX-listed Domino’s Pizza Enterprises (DMP) jumped 5.3% to A$16.24 on Tuesday, after briefly rising as much as 23% to A$19 in early trade, marking their highest intra-day level since August 26. The surge came following a local media report that private equity giant Bain Capital was in informal talks to acquire all or part of DMP.

The company clarified that it was unaware of any such proposal and denied receiving any acquisition approach from Bain Capital. Despite the denial, the stock became the fourth-biggest percentage gainer in the S&P ASX 200 index (XJO) and is on track to record six consecutive sessions of gains.

Trading activity surged, with more than 2.4 million shares changing hands, well above the 30-day average of approximately 957,364 shares. DMP’s stock, however, remains down over 45% year-to-date.