NEW YORK (TheStreet) -- Montage Technology (MONT) was gaining 20.3% to $20.65 Monday on news that the chipmaker received a non-binding proposal from Shanghai Pudong Science and Technology to acquire the company.
In the proposal letter the state-owned PDSTI proposed to acquire all outstanding ordinary shares of Montage for $21.50 a share in cash. The company said its board it reviewing and evaluating the proposal, and no decision has yet been made. Even with the proposal letter there is no guarantee an offer will be made for the company.
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