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Wednesday, 4 November 2015

Biosensors surges more than 20% on Citic's offer to buy rest of company

SINGAPORE (Nov 4): Shares in stent maker Biosensors International Group surged more than 20% on Wednesday following the news that a private-equity arm of Citic Group Corp has agreed to buy the rest of the Singapore-listed company for about $1.1 billion.

Biosensors was trading at 81 cents, up 13 cents or 19%, at 12.24pm, after hitting 82 cents earlier. More than 17 million shares changed hands.

Citic Private Equity Funds Management Co, which already controls about 19.6% of Biosensors, is paying 84 cents a share for the stock it doesn't already own. The price is about 24% higher than Biosensors' last closing price of 68 cents

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