What happened

Shares of Zayo Group (NYSE:ZAYO) were up 12% as of 2 p.m. EST Wednesday, after the internet services company revealed that it's "evaluating strategic alternatives that may enhance shareholder value."

Of course, the first option that comes to mind for many shareholders is a potential acquisition -- especially considering Zayo has reportedly attracted (and rejected) offers in recent months from groups of investors interested in taking the company private.

Woman drawing a large yellow fish eating a smaller fish

IMAGE SOURCE: GETTY IMAGES.

So what

Zayo chairman and CEO Dan Caruso alluded to the company's end goals: "With our deep and expansive fiber networks in North America and Europe, we play a unique and compelling role at the core of our customers' networks. Whether public or private, this will remain Zayo's focus and we will continue to expand the depth and breadth of our fiber infrastructure."

The move comes as Zayo stock has slumped despite a solid quarterly report early last month; the company offered encouraging growth in net bookings, gross installations, and improved customer churn. Also of note: Shares still haven't recovered from their single-day plunge of nearly 30% last November, after the company announced disappointing third-quarter 2018 results, and a strategic plan to split its infrastructure and enterprise services businesses into two publicly traded companies.

Now what

Zayo was also clear that it can't ensure a deal will arise from the evaluation, noting it expects that to take "several weeks to months" to complete. In the meantime, the company is postponing its analyst day -- which was scheduled for March 14 -- to give its board and management time to explore options.

Given the prospect of a juicy acquisition premium potentially on the way, however, it's no surprise to see Zayo stock rebounding today in response.