NEW YORK (TheStreet) -- Fuwei Films Holdings (FFHL - Get Report) skyrocketed more than 63% to $1.83 at 1:58 p.m. on Tuesday after the company announced that a bidder had successfully reached an agreement to acquire 52.9% of the company's outstanding shares at approximately $2.40 a share.
The Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee, is the controlling shareholder in Fuwei Films and had sought to sell the 52.9% share.
The press release stated more information on the bidder would come in a separate announcement.
More than 1 million shares had changed hands by 2 p.m., well above the average volume of 35,308.Must Read: Warren Buffett's 10 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.