Shares of PNC Bank Corp. rose in heavy trading Wednesday after a Lehman Brothers report said the Pittsburgh bank's $2.84 billion acquisition of Midlantic Corp. may be voted down by shareholders.

PNC shares rose 62.5 cents to $61.50 after they were moved onto Lehman's recommended list, and analyst Michael Mayo predicted PNC would become a takeover candidate, at $36 to $40 a share. More than 5.3 million shares changed hands, compared with average daily volume this year of 655,000 shares.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.