[March 28, 2013] UTStarcom share price soars on takeover offer Tweet BEIJING, Mar 28, 2013 (Xinhua via COMTEX) -- Chinese telecom facility manufacturer UTStarcom Inc. (UTSI.NASDAQ) received on Wednesday a takeover offer valued at 125 million US dollars proposed by a consortium teamed up by its shareholders . The consortium expects to purchase all the remaining shares it does not own. Since the offer was 36 percent higher than UTStarcom's closing price on Tuesday, the company's share price surged 17.80 percent Wednesday to end at 2.78 dollars per share. The consortium, led by Shah Capital Management, said in a document submitted to the US Securities and Exchange Commission that it expected to buy all the remaining shares it did not own in UTStarcom at 3.20 US dollars per share, and privatize the Chinese company. Shah estimates there are about 39 million shares circulated in the market and its valuation of UTStarcom is about 125 million dollars. If the proposal is approved and successfully carried out, UTStarcom will be delisted from the NASDAQ market. Shah currently possesses about 6.6 million UTStarcom shares, equivalent to about 16.8 percent stakes. (Edited by Luo Jingjing, [email protected]) [ Back To TMCnet.com's Homepage ]