Pansoft Company Limited (NASDAQ: PSOF), an enterprise resource planning software solutions and services provider for the oil and gas industry in China, has seen a sharp rise in its shares in trading today.
PSOF shares rose to an intra-day high of $4.09 in trading today. At last check, the stock was trading 23.58% higher at $3.93 on above average volume of 145,873.
PSOF shares surged today after the company announced that it entered into a definitive agreement and plan of merger with Timesway Group Limited.
Timesway will acquire PSOF for $4.15 per share, representing a premium of 106% over PSOF’s price on January 6, 2012, the last trading day before the company’s announcement that it received a going private proposal from Timesway.
Timesway had initially offered $3.76 per share but has raised its offer to $4.15 per share.