According to the company, XING, which currently owns approximately 61% of QXMa[euro](tm)s outstanding shares, has proposed to offer 1.9 shares of its common stock plus USD0.80 in cash for each QXM
share held by persons other than XING, that is minority shareholders.
Qiao Xing Mobile Communication Co Ltd (QXM) (NYSE:QXM), a manufacturer of mobile handsets in the Peoplea[euro](tm)s Republic of China, revealed yesterday that it has received a proposal from its parent company, Qiao Xing Universal Resources Inc (Nasdaq: XING), for the acquisition of all outstanding ordinary shares of QXM that XING does not currently own.
The proposed transaction, if completed, would result in QXM becoming a privately-held company.
Qiao Xing Mobile Communication Co (NYSE: QXM
), a domestic manufacturer of mobile handsets based in China, announced the launch of its new C3100 mobile handset model.