Chinese Buyout Firm Bids $570M For Chipmaker Montage

Law360, New York (March 10, 2014, 3:23 PM EDT) -- Shanghai-based chipmaker Montage Technology Group Ltd. said Monday that it had received a nonbinding buyout offer from Chinese state-owned company Shanghai Pudong Science & Technology Investment Co. Ltd., valuing it at approximately $570 million.

Montage said in a statement that it has received a preliminary nonbinding proposal letter in which PDSTI offered to buy all of Montage's outstanding ordinary shares for $21.50 per share in cash, which values Montage at roughly $570 million.

“We believe that our proposal of $21.50 in cash per share, as the...
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