NQ Mobile Inc (ADR) NQ announced Tuesday that its Board of Directors rejected the Bison offer.
The company’s press release noted that the Board “had the opportunity to explore numerous strategic options” and after careful consideration “decided that NQ Mobile will be best positioned to maximize value to its shareholders as a public company.”
“Consequently, the Board rejected the proposed privatization offer from Bison Capital Holding Company Limited ("Bison Capital") announced on July 30, 2014,” according to the release.
The news comes one day after NQ Mobile shares surged 20 percent after an SEC filing.
Amid the news of Monday’s SEC filing and Tuesday’s offer rejection, the stock has been volatile. In early trading Tuesday the shares fell over 4 percent.
NQ Mobile Inc. recently traded at $9.08, down 4.33 percent.
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