AsiaInfo-Linkage Inc. (ASIA) announced Friday morning that its Board of Directors has received a non-binding proposal letter from Power Joy Ltd. Power Joy has proposed to acquire all of the outstanding shares of common stock of AsiaInfo-Linkage in cash at a price which represents a premium over the current stock price.
AsiaInfo-Linkage gapped open higher Friday and climbed in early trade, before settling into a range. Shares finished up by 1.86 at $11.78 on strong volume. The stock broke out to a 5-month high.
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