China Mobile Games Receives Buyout Proposal From Orient Hongtai

China Mobile Games & Entertainment said it received a buyout proposal from Beijing's Orient Hongtai Investment Management Co. for $21.50 in cash for each U.S.-listed share outstanding. The per-ADS bid is 5.5% above Friday's closing price of $20.38. China Mobile, which says it is the largest publisher of mobile games in China, expects to engage a financial advisor to help evaluate the proposal from Orient Hongtai, which is a subsidiary of Orient Securities Co. China Mobile's ADSs, which are currently halted for news dissemination, and are scheduled to resume trading at 9 a.m. Eastern. The ADSs have run up 14% year to date through Friday, while the S&P 500 has gained 3.1%.