Read Larry Connors' blog – Short Term Trading Strategies
At 11:56 am, the stock was up 0.73 hkd or 38.4 pct to 2.63.
UTFE, a subsidiary of New York-listed United Technologies Corp, has offered to acquire all of GST Holdings at 3.38 hkd per share, a premium of 77.9 pct to its last closing price of 1.9 hkd.
GST Holdings will be privatized if more than 90 pct of its minority shareholders accept the offer, the company said in a statement.
(1 usd = 7.8 hkd)
george.ng@xinhuafinance.com
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