Cogo +14% premarket after CEO says asset acquisition offer is going well

Cogo Group (COGO) +14.3% premarket after CEO Jeffrey Kang says his offer to acquire ~30% of the company's assets which generated 98.7% of its Q1 2013 revenues is progressing smoothly since it was announced July 15.

The letter of intent calls for a purchase price of $80M and reiterates COGO will not go private.

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