DDS Wireless International Inc. (TSE:DD), a wireless mobile data solutions provider, surged in morning trading after it agreed to be bought by privately held Ghai Investments Ltd. (GIL) for C$2.25 per share.
DDS leaped 32.3 percent to C$2.21 at 10:07 a.m. in Toronto.
GIL, controlled by Vari Ghai, and its wholly owned subsidiary 0998556 B.C. Ltd. will purchase all of the outstanding securities of DDS for a total value of C$31 million, Richmond, British Colombia-based DDS sad in a statement late yesterday.
The deal is subject to customary TSX, Court and regulatory approvals.