ShangPharma Corp. (SHP:US), a Chinese medical researcher, surged the most in 10 months in New York after the company said it may be acquired at a premium to yesterday’s trading levels.
ShangPharma, based in Shanghai, climbed 18 percent to $8.09 at 1:28 p.m. in New York, the biggest advance since Aug. 12. Shares had lost 5.4 percent this year through yesterday.
ShangPharma received a non-binding proposal from Xin Hui and entities affiliated with him, to acquire all of the company’s outstanding American depositary receipts for $8.50 to $9.50 per share, according to a statement distributed by PRNewswire. Shares closed at $6.88 on July 5.
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