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MEMSIC Inc. (MEMS) Leaped To A 6-Month High On Takeover Offer

11/23/2012 7:40 AM ET

MEMSIC Inc. (MEMS: Quote) 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.

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by RTT Staff Writer

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