Chipotle Mexican Grill Inc. (NYSE:CMG) rose 7% to $32.94 on Thursday afternoon, on track for its best session since July 30.

The Financial Times reported Thursday that Starbucks Corp. (NASDAQ:SBUX) has worked with advisers in recent months on a possible takeover offer.

Last week, Chipotle reportedly hired bankers to defend against a potential takeover.

Starbucks CEO Brian Niccol led Chipotle from 2018 to 2024. A bid would reunite him with the chain he rebuilt. Starbucks stock fell 3.5% to $90.28.

The report lands with Chipotle stock still down 11.8% this year. Since its June 2024 peak, the company has lost about 50% of its value.

The burrito chain's current market capitalization stands at $41 billion.