Bireme Limited announced Friday that it commenced a tender offer to purchase ordinary shares and American Depositary Shares of Acorn International Inc. (ATV) in an aggregate amount not to exceed 20,000,000 Ordinary Shares. The offer price is $2.00 per Ordinary Share, which represents $6.00 per ADS, in cash.
Acorn International gapped up at the open Friday and rose during the first hour of trade, before settling into a range. Shares finished up by 1.32 at $5.80 on the highest volume of the year. The stock re-crossed both its 50 and 200-day moving averages and closed challenging resistance, trading at nearly a 7-month high.
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