Shares of image sensor maker OmniVision jump after $1.64 billion takeover offer

MarketsAssociated Press

Shares of OmniVision Technologies Inc. jumped Thursday after the company said it received a $1.64 billion takeover offer from a Chinese investment firm.

Hua Capital Management Ltd.'s offer, for $29 per share, is non-binding. That means it is just an offer, with no legal force behind it. It works out to $1.64 billion based on OmiVision's 56.5 million shares outstanding as of June 23.

Continue Reading Below

OmniVision, based in Santa Clara, California, makes image sensors used in mobile phones, webcams and surveillance systems. It said it is reviewing the proposal.

Shares gained $3.26, or 13 percent, to $27.85 in midday trading. Through Wednesday's close, the stock had risen 43 percent this year.