The Globe and Mail reports in its Thursday, July 13, edition that Laurentian Bank of Canada soared $8.93 to close at $42.46 on Wednesday as investors react to news the bank may be on the block. The Globe's Stefanie Marotta writes that analysts were taken by surprise because Laurentian is halfway through a three-year strategic turnaround under chief executive officer Rania Llewellyn. National Bank analyst Gabriel Dechaine said in a note to clients: "We believed [Laurentian Bank's] board was committed to a multiyear turnaround effort under CEO Rania Llewellyn. Nonetheless, a challenging growth outlook for Canadian banks and a stock price that has consistently hovered below book value (and an unsolicited bid) may have forced the board's hand." Mr. Dechaine expects the deal to be valued at $2.6-billion -- Laurentian's book value -- which amounts to an 80-per-cent premium to Tuesday's closing share price. Unnamed sources say Laurentian has been discussing the possibility of a deal with several suitors since late June. The bank has hired JPMorgan Chase & Co. and law firm Osler, Hoskin & Harcourt as its advisers. Laurentian is also believed to have received a bid from an undisclosed rival bank.