Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, August 14, 2014

Chinese group proposes to purchase U.S. chipmaker OmniVision, (NASDAQ: OVTI)

U.S. digital imaging chipmaker OmniVision Technologies Inc said it received a takeover proposal from a group of investors led by China's Hua Capital Management Ltd.The proposed offer price of $29 per share in cash values OmniVision at $1.67 billion and represents a premium of 17.9 percent to the stock's Wednesday close.OmniVision shares touched a high of $28.10 in early trading on the Nasdaq.The investment group includes state-owned Shanghai Pudong Science and Technology Investment Co Ltd, OmniVision said.

OmniVision Technologies, Inc. (OmniVision) designs, develops and markets integrated and semiconductor image-sensor devices. Shares of OVTI traded higher by 14.19% or $3.4901/share to $28.09. In the past year, the shares have traded as low as $13.55 and as high as $24.93. On average, 1187470 shares of OVTI exchange hands on a given day and today's volume is recorded at 4513269.