PCD rallies on buyout bid

The shares of high-end department store operator PCD Stores rose strongly yesterday after an announcement that the parent company of Beijing's largest retailer has launched a takeover bid with a planned purchase of a 39.53 per cent stake in the firm.

The deal pushed PCD Stores 17.43 per cent higher at HK$1.28 in the morning before closing the day 9.17 per cent ahead at HK$1.19.

via Business feed http://www.scmp.com/business/companies/article/1141479/pcd-rallies-buyout-bid