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Harley-Davidson Inc. stock shares rose Friday amid rumors that a private equity firm could be interested in acquiring the Milwaukee company.

Some sources have indicated that the firm Kohlberg Kravis Roberts & Co. is willing to pay $65 per share for Harley, Craig Kennison, a Robert W. Baird & Co. Inc. analyst said in a note to clients.

"We have contacted representatives of the company, who confirmed the existence of the rumor, but refused to comment on the rumor, citing company policy. The company has cited the same policy on rumors when we have inquired about (takeover) speculation in the past," Kennison said.

In heavy trading, Harley shares closed at $54.25 Friday, up nearly 20%.

New York-based Kohlberg Kravis Roberts would not comment on the rumor that some said began with Wall Street traders and was quickly disseminated by social media.

KKR is a private equity firm whose $25 billion purchase of RJR Nabisco in 1989 inspired a book and the movie "Barbarians at the Gate." Over the years, it has acquired an ownership stake in dozens of companies, including Eastman Kodak and Motel 6.

Harley-Davidson has been the subject of takeover speculation in the past, including a rumor in 2010 that KKR was interested in the company.

Harley could not be taken over without the approval of the company's board of directors and shareholders, and that would not come easily.

"Harley-Davidson is the most valuable motorcycle brand on the planet. After a tough recession, management restructured operations, slashed dealer inventory, re-thought product development, invested internationally and fortified the balance sheet," Kennison said.

Still, the stock is subject to several risks, including downturns in the economy and increased competition.

"We see broad risk in economic cycles, credit cycles and power-sports competitors," Kennison said.

Several factors hurt the sales of new Harley-Davidson motorcycles in the United States this spring, but strength in used bike sales suggested healthy interest in the brand, according to a Baird survey of 30 Harley dealerships.

"Notably, more dealers reported (sales) increases than decreases, but the magnitude of the decline among larger dealerships weighed on our sample. Poor weather and struggling labor markets hung like a dark cloud over some dealers," Kennison said.