March 10, 2014 / 12:35 PM / in 3 years

Chinese state-owned firm offers to buy chipmaker Montage

1 Min Read

March 10 (Reuters) - Chipmaker Montage Technology Group said it received a buyout offer from a Chinese state-owned company, valuing it at about $600 million.

Shanghai Pudong Science and Technology Investment Co Ltd (PDSTI) offered to buy Shanghai-based Montage for $21.50 per share in cash.

The offer represents a 25.3 percent premium to Montage's closing price on Friday on the Nasdaq.

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