CADC $2.16 up 0.31 ; merger ? acquisition?
"China Adv. Construction Materials enters into merger agreement with Novel Gain Holdings and CACMG Acquisition; each share to be converted to $2.65 in cash (CADC) 1.85 : Co announced that it has entered into a definitive agreement and plan of merger with Novel Gain Holdings Limited and CACMG Acquisition. Mr. Xianfu Han and Mr. Weili He, pursuant to which Merger Sub will merge with and into the co with the co continuing as the surviving corporation and a wholly owned subsidiary of Novel Gain. Mr. Han is the co's CEO and the Chairman of the co's Board of Directors and beneficially owns ~32.5% of the co's outstanding shares of common stock, $0.001 par value per share. Mr. He is the co's COO and Vice-Chairman of the co's Board of Directors and beneficially owns ~17.0% of the outstanding co common stock. Under the terms of the merger agreement, each share of the co common stock issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive $2.65 in cash without interest ." source: Briefing