Commercial Federal Corp. of Omaha, which has missed earnings expectations for the last eight quarters and is working on a reorganization, has reportedly rejected a $1.3 billion stock and cash offer from a Kansas City banker and another investor.

The Kansas City Star reported Wednesday that the offer was turned down Aug. 24 by the $13.2 billion-asset company, sending the stock soaring. It reached $19.4375 Wednesday before closing at $17.625, a 4.4% increase from Tuesday.

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