Bison Capital Spokesperson Tells Benzinga Bison's Management Team Will Have No Comments Regarding NQ Mobile Deal Until It's Closed
A spokesperson for Bison Capital Holding Company told Benzinga late Monday, that "Bison's management team will have no comments regarding NQ (Mobile Inc.) (NYSE: NQ) deal until it's closed." The spokesperson would not respond to questions regarding Bison's original $9.80 per ADS offer for NQ received on July 30, 2014. That offer was rejected by NQ's Board on October 28.
Shares of the Beijing-based mobile Internet services provider have plummeted, since hitting a high of $22.33 in February. NQ has been besieged by problems, which began in October 2013, when Carson Block's Muddy Waters Research came out with a "strong sell" on the company, claiming it was massive fraud. Muddy Waters claimed NQ misrepresented cash balances.
This month alone, the company's Co-founder, Chairman and Co-CEO Dr. Henry Yu Lin stepped down, NQ announced the sale of its game unit, FL Mobile, and the company announced disappointing financial results for the first three quarters of the year.
Benzinga reached out to NQ Mobile Co-CEO Omar Khan, regarding talks with Bison and its founder Xu Peixin, but did not receive a response.
NQ Mobile shares fell 15% Monday, to close at $3.46. That's just above the 52-week low.
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