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Illuminet cancels offering, stock soars

Telecommunications company Illuminet Holdings Inc. (Nasdaq: ILUM) was up almost 20 percent Tuesday after announcing Monday night it would not proceed with a planned 4.2 million share offering.

Shares in the company, which operates a Signaling System 7 (SS7) network in the US, were up 5 to 34.56 Tuesday morning, still well off their 52-week high of 94.

The company said it withdrew the planned offering, which it had filed for July 17, due to stock market conditions. It had not begun any marketing effort for the offering and will formally withdraw the registration statement with the Securities and Exchange Commission.

"We have concluded it would not be appropriate to go forward with an offering at this time," said CEO Roger Moore in a press release. "In the company's opinion, the current stock market conditions do not accurately reflect the value of the stock."