HARBIN, China (
reached a deal to be acquired for $24 a share by a group led by the company's CEO.
Harbin shares were rising 61%, or $5.11, to $13.50 in premarket trading Monday.
Harbin is being bought and taken private by
Tech Full Electric
, a Cayman Islands company which is owned indirectly by Tianfu Yang, Harbin's chairman and CEO.
after Citron Research again questioned whether a buyout offer from the CEO would come to pass. Citron last week called the offer a "sham" and said it was time for the
Securities and Exchange Commission
to halt the trading of the stock.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here:
>To submit a news tip, send an email to: