NEW YORK (Reuters) — Maurice (Hank) Greenberg, the former head of insurer AIG, approached Morgan Stanley chief executive John Mack about buying the New York Times Co., a source familiar with the matter told Reuters.While Mack rejected the plan, speculation about Greenberg’s pursuit of the Times lifted its stock by as much as nine percent.

After media reports on Wednesday mentioned Greenberg’s interest in the Times, Greenberg put out a statement saying he owns less than 100,000 shares, and has no current plans to significantly increase his holdings. That statement knocked Times shares down three percent in after-hours trading.

Buying the publisher would be difficult because the Sulzberger family has control through a dual class share structure.

Greenberg called Mack “a couple of weeks ago” and said: “Let’s buy the New York Times,” a person familiar with the situation told Reuters.

Mack begged off, noting the dual-class structure, making any takeover exceedingly difficult, this person added.

Moreover, Mack told Greenberg the bank’s money management arm owns shares in the media company, which would constitute a conflict of interests, the source said.

Morgan Stanley declined to comment on the matter.

“The rumour is that Greenberg is trying to take over the New York Times. Investors obviously believe that there is some truth to the story,” said William Lefkowitz, an options strategist at brokerage vFinance Investments, who said stock volume was three times more than normal.

Times shares rose $1.73, or 7.5 percent, to $24.76. The last time its stock gained that much in a single trading day was December 6, 2000, when it rose 8.3 percent. After hours, it dipped back to $24 after Greenberg’s statement.

The New York Times has both publicly traded, Class A shares, and non-publicly traded, Class B shares. The Sulzberger family owns about 20 percent of the total equity of the company and 19 percent of the company’s Class A shares.

The holders of Class B stock, which own less than 1 percent of the company, elect nine of the company’s 13 directors.

“The Ochs-Sulzberger family has no intention of changing the dual class structure,” spokeswoman Catherine Mathis said.

She said she was not aware of Greenberg buying shares, but that the company has 145 million shares outstanding.

Analysts said a buyout bid was unlikely.

“He (Greenberg) can buy all the non-voting stock he wants, but he’s not going to be taking over the company unless the Sulzbergers want him to, which I highly doubt,” said independent media analyst John Morton. “The Sulzberger family will do what it wants to do.”

Shares of The New York Times started the day up five percent after the New York Post reported that Greenberg was buying up “hundreds of thousands” of Times shares hoping to try to break the Sulzberger family’s hold. That would place with other shareholders, such as Morgan Stanley Investment Management who have been questioning the Sulzbergers’ holding of a more powerful class of stock.

The stock got a further boost after business news channel CNBC reported Greenberg’s Morgan Stanley call and takeover hopes, a report later confirmed by Reuters.

Shares fell after Greenberg’s statement on his share ownership and plans.

Greenberg, 81, has sold more than $1.5 billion in American International Group Inc. shares since May. He is also interested in making a bid for Tribune Co. , according to reports.

Greenberg was forced the resign from his post at AIG last year amid an accounting investigation of the insurer.

Earlier this month, Morgan Stanley submitted a proposal to the company aimed at cutting the Sulzberger family’s long- standing control by changing the voting structure so shareholders have equal voting rights.