Freeserve shares rocketed above £5 this morning in early morning trading on rumours of a take-over bid from Deutsche Telekom's e-outfit, T-Online. Shares hit 512.50p before falling back sharply to 394p at lunchtime, up 34p on its previous close. Investors chased up the stock, in reaction to a story in the Independent on Sunday which claimed that said T-Online was sniffing about Britain's monster ISP. A spokesman for Freeserve dismissed the rumours as "market speculation" and refused to comment further on the tittle-tattle. Deutsche Telekom was equally short. ®