May 8, 2009 / 3:45 AM / in 9 years

China investor group drops bid for Hurray

SHANGHAI, May 8 (Reuters) - Chinese investor group Best Prospect Overseas Ltd said on Friday that it was withdrawing its offer to acquire 51 percent of Hurray Holding Co Ltd HRAY.O, a day after it raised a bid for the U.S.-listed ringtone provider.

“We hereby withdraw our offer to acquire 51 percent of the outstanding shares of Hurray,” Jacky Tung, who led the group, said in an e-mailed statement, without giving any reasons.

Best Prospect had said it would increase its offer to $4.00 per Hurray’s American Depository Shares, from $3.50 previously, but also threatened to walk away if Hurray did not respond by a deadline on Thursday.

Tung, also president of closely-held Joy Media Group, told Reuters on Monday that it might sweeten its offer to buy Hurray, boosting Hurray’s share price 21 percent to $2.50 on that day. (US$1=6.832 Yuan)

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