Bogus Takeover Bid on IDTI
Shares of Growth Stock Strategist holding Integrated Device Technology (NSDQ: IDTI) spiked as much as 24% yesterday on almost 17 million shares, almost six times its average volume. A filing was made on the SEC website detailing a $32 acquisition bid by a group of Chinese investors.
The company put out a press release noting that “we have not had any communication whatsoever with any of these parties.” It said it is “unaware of any other information that would support a determination that the group’s proposal represents a credible bona fide offer to purchase the company.”
I suspect this is a bogus take out bid, similar to the one initiated on Avon last year.