Shares of Focus Media Rally 11% After Going Private Proposal
Shares of Focus Media (NASDAQ: FMCN) rallied over 11% on Monday morning. The company announced that it had received a going-private proposal at $27 per ADS.
At that figure, shares are still trading at a discount, just above $26.
Focus Media has received some attention this year, as it was targeted by Muddy Waters as a short. Muddy Waters has previously exposed other Chinese companies like Sino Forest for fraudulent activity.
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