Harbin Electric Shares Jump On Buyout Offer

Shares of Harbin Electric Inc HRBN jumped more than 78% in pre-market trading after the company agreed to be acquired for $24 per share in cash by Tech Full Electric Company Limited, a Cayman Islands company wholly owned indirectly by Mr. Tianfu Yang, HRBN's Chairman and Chief Executive Officer, and Tech Full Electric Acquisition Inc. HRBN shares closed at $8.39 on Friday. The merger is likely to close in the fourth quarter of this year. HRBN shares surged 78.95% to $15.01 in pre-market trading. Read more from Benzinga's Company news.