NEW YORK (TheStreet) -- Fuwei Films (FFHL) continued its rise Wednesday after the company announced Tuesday 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.
The stock soared more than 35% to a high of $2.24 as of 11:15 a.m. on Wednesday. More than 2 million shares had changed hands, well above its average volume of 61,159.