TheStreet.com reported late Friday that Nokia-Siemens has made a $7 billion bid on Tellabs, which is about $16 to $17 per share, a 35 percent to 43.5 percent premium on the closing price Friday. JPMorgan analyst Ehud Gelblum said that talks between the companies are likely since Tellabs recently noted that its board was examining a variety of strategic alternatives including mergers and acquisitions. Gelblum also noted that the deal makes sense for Nokia-Siemens because it would offer the company a strong position in wireless services in North America. According to the report, the deal could take some time to come to fruition, if it does at all, because Tellabs' decision "is not imminent."

For more on the rumored deal:
- read this report from The Street