ElkCorp (NYSE:ELK) was a company that we first covered in early November, when we reported that the company considered putting itself up for sale. Since then the company moved up more than 25% after it accepted an offer from The Carlyle Group at $38 per share, outbidding Building Materials Corporation of America's $35 bid.

Now, there are rumors that Building Materials Corporation may be contemplating higher bid. The group currently controls over 10% of the company's outstanding shares, giving them excellent leverage in any battle for the company. Meanwhile, shareholders have jumped the price up over 5% to $40.90 in today's trading, giving substance to the rumors. This is definitely a stock worth watching as this situation unfolds; however, it remains a risky investment right now, trading above the sole accepted offer.

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