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Kellogg's Buy-Out Prospects Appear Greatly Overstated

The expiration date on rumors of a takeover of Kellogg (K) ? Apparently never.

The Battle Creek, Mich.-based cereal maker has been a persistent subject of takeover speculation for more than two years.

Certainly, investors like the buzz. Shares of Kellogg have climbed to an all time high of $86 in Friday's trading. The stock has added more than 10% just since the start of June, as rumors have continued to swirl.

So what to make of the chatter? Wrong? Or just early?

Obviously, there's been some consolidation in the...