MILAN, Oct 27 (Reuters) - Shares of Switzerland’s Temenos AG rose as much as 10% in afternoon trading on Tuesday before the publication of a news report saying the software firm may be subject of a takeover bid, leading several market participants to question whether someone had been tipped off. The Zurich-listed stock started rising just before 1400 GMT. Bloomberg reported at 1654 GMT, after the market close, that investment firm EQT AB was exploring a potential acquisition. . Temenos shares rallied a further 8% on Wednesday. Matthew Earl, the managing partner at UK-based hedge fund ShadowFall, urged Swiss regulators to look into the share price moves and option trading activity. He had a short position in Temenos, which he closed out of during Wednesday’s rally. “It looks like that someone had a tip-off to that. If that’s the case, I think the regulator should be looking into it,” Earl told Reuters. Asked to comment on the EQT takeover report, a spokesperson said Temenos does not comment on market rumours. Swiss market watchdog FINMA does not comment on possible investigations or proceedings, a FINMA spokesman said, also noting that: “In general, if FINMA has indications of possible violations of Swiss financial market law, it will investigate these indications and take measures if necessary.” Bloomberg News did not immediately respond to an emailed request for comment. Reporting by Danilo Masoni, editing by Paritosh Bansal and Mark Potter