HRBN Receives Buyout Proposal Of $24 Per Share

Harbin Electric Inc HRBN has received a proposal letter from its Chairman and CEO Tianfu Yang and Baring Private Equity Asia Group Ltd to acquire all the outstanding shares of the company for $24 per share. The offer price represents a 24% premium to HRBN's closing price of $19.42 on Friday. Yang currently owns 31.1% of the company's stock. The board of Directors of the company has created a special panel of independent directors for evaluating the proposal. HRBN shares surged 21.49% to $24.25 in pre-market trading. Read more from Benzinga's Company news.