OUTBOARD MARINE <OM> RISING ON TAKEOVER RUMOR Wall Street traders said the stock of Outboard Marine Corp was rising on a rumor over a cable television program that Outboard is a likely takeover target of Sun Chemical Corp <SNL>. Outboard was up 3-1/8 to 34-5/8. On Tuesday it rose 1-3/8 to 31-1/2 Tuesday. A report on Cable News Network today said Sun Chemical has 4.9 pct of Outboard and is conducting a study on whether to go for control of the whole company. An Outboard Marine spokesman would not comment on the rumor. The cable program said a buyout of Outboard would be for up to 40 dlrs a share, or for a total of 680 mln dlrs. A spokesman for Sun Chemical was not immediately available. Outboard Marine last June adopted a shareholder rights plan that will be triggered when a person or group acquires beneficial ownership of 20 pct or more of its common or begins a tender offer that would result in 30 pct ownership. Wayne Jones, vice president at Outboard for strategic planning, said management wants to stay independent. "We are not trying to sell the company. We are proceeding with our strategic plans," he said. That plan includes integrating five boat companies that Outboard Marine has bought since the middle of December. Jones said all five will cost between 100 mln dlrs to 120 mln dlrs. An analyst who wanted anonymity said 40 dlrs a share is a "decent" price for outboard. "A bdding war to 50 or 60 dlrs a share is stretching it. Maybe 45 dlrs a share tops," he said. Outboard, which has 17 mln shares outstanding, is in registration for a two mln common share offering with Morgan Stanley Inc. It makes sense, the analyst said, for Sun Chemical to strike before the offering is underway.