Cogo Group Inc. (COGO: Quote) announced after the bell Thursday that its founder, CEO and Chairman, Jeffrey Kang, proposed to the Cogo Board of Directors that he purchase a series of operating entities accounting for approximately 30% of Cogo's total assets. The total purchase price is expected to be between $60 million and $82 million.
The company also reported fourth quarter non-GAAP EPS of $0.13, down from $0.24 in the previous year.
Cogo Group gapped up sharply Friday and is currently higher by 1.61 at $3.55 on strong volume. The stock has broken out to a 7-month high.
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by RTT Staff Writer
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