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The Associated Press March 8, 2011, 11:30AM ET

China Security gets $6.50 per share buyout offer

China Security & Surveillance Technology Inc., which makes electronic surveillance products and software, said Tuesday its board of directors received a $6.50-per-share buyout offer from Chairman and CEO Guoshen Tu.

The offer represents a 58.5 percent premium to the stock's closing price of $4.10 on Monday. Over the past year the stock has traded between $3.98 and $8.89.

The offer is for outstanding shares of common stock currently not owned by Tu, certain members of management and their affiliated entities, to take the Shenzhen, China-based company private.

The buyout would be financed with a combination of debt and equity capital to be secured by Tu, who currently owns 20.9 percent of the company's common stock. The company announced in late January that Tu was considering making an offer of no more than $6.50 per share.

The board of directors has already formed a special committee to consider the proposal.

Shares of China Security & Surveillance Technology surged $1.04, or 25.4 percent, to $5.14 in morning trading.

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