MEMSIC Inc. (MEMS) announced after the bell Tuesday that it received an unsolicited, non-binding proposal from IDG-Accel China Growth Fund II L.P. to acquire all outstanding shares of common stock of MEMSIC not currently owned by IDG or its affiliates for $4.00 per share in cash.
MEMSIC gapped open sharply higher Wednesday, but moved in a narrow range throughout the session. The stock closed up by 1.25 at $2.99 on the highest volume in 3 months. MEMSIC leaped to a 6-month high and re-crossed its 200-day moving average.
by RTT Staff Writer
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