Shares of Focus Media Rally 11% After Going Private Proposal

Shares of Focus Media

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.