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.
Click here to receive FREE breaking news email alerts for MEMSIC Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org