Business

Mass. Movers

MEMSIC sale price is a 56% premium

MEMSIC’s products include accelerometers, such as for automakers, and electronic compass solutions.
Associated Press
MEMSIC’s products include accelerometers, such as for automakers, and electronic compass solutions.
Advertisement

MEMSIC Inc. said it has agreed to be acquired by IDG-Accel China Capital II LP and two affiliates for $4.225 per share in cash. According to a press release, affiliates of IDG currently hold about 19.5 percent of the Andover company’s outstanding common stock. IDG and its affiliates will acquire all outstanding shares for approximately $88.5 million. The per-share price represents a premium of 56 percent over the company’s closing share price on Monday.