Shares of Chinese electronics distribution firm Cogo Group Inc. (NASDAQ: COGO) are up more than 70% this morning following an announcement yesterday that the company’s CEO, Jeffrey Kang, would purchase 30% of the company’s outstanding stock. The company also reported better-than-expected earnings results yesterday, if only by a penny.
Kang’s offer is worth $60-$82 million, depending on the results of an appraisal of Cogo. The implied share valuation is $6-$8 per share for a stock that closed below $2/share yesterday. The deal is expected close during the second quarter of 2012.
The stock is trading this morning at $3.31, up just under 71%, in a 52-week range of $1.61-$8.71.
Paul Ausick
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Shares of Chinese electronics distribution firm Cogo Group Inc. (NASDAQ: COGO) are up more than 70% this morning following an announcement yesterday that the company’s CEO, Jeffrey Kang, would purchase 30% of the company’s outstanding stock. The company also reported better-than-expected earnings results yesterday, if only by a penny.
