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Qiao Xing Mobile: No Response To Buyout Offer Yet

NEW YORK (AP) â¿¿ Chinese cell phone maker Qiao Xing Mobile Communication Co. said Friday that it can't yet respond to its parent company's buyout offer, and doesn't know when it will be able to.

Qiao Xing Universal Resources Inc., whose main business is mining, last week offered stock and cash now worth about $3.69 per share, or about $76 million total, for the 38.9 percent of Mobile Communication that it doesn't own. It requested a response by Friday.

Mobile Communication said its Special Committee is rushing to respond to the offer. Universal Resources had requested a response but has said it may go ahead with the offer even if it is not recommended by the committee.

Mobile Communication's U.S.-listed shares fell 4 cents to $3.34 in morning trading. They are up 31 percent since Universal Resources made its offer.

Universal Resources shares, also listed in the U.S., fell 2 cents to $1.50.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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