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Harbin CEO And Abax Global Capital Back $750 Million Buyout Offer, Shares Rise 0 comments
Chinese electric motor maker Harbin Electric Inc (HRBN.O) said its chief executive and Abax Global Capital had reaffirmed their offer to take the company private for $750 million, after a research firm raised doubts about the deal going through.
Shares of the company rose 10 percent to a high of $17 on Friday on Nasdaq, but were still much below the offer price of $24 a share, indicating investor skepticism.
CEO Tianfu Yang made the offer in last October but is yet to make a formal bid.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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