NEW YORK (AP) -- Brazilian machine tool manufacturer Industrias Romi made an unsolicited, $92 million cash bid for metal-cutting equipment maker Hardinge Inc.
Hardinge shares rose $2.62, or 48 percent, to $8.10.
Hardinge has rejected previous offers from Romi, but the company said Thursday it hopes $8 per share will win the company over because its a 46 percent premium to Hardinge's closing share price Wednesday.
Hardinge, based in Elmira, N.Y., was first approached by Romi on Dec. 14.
The offer is not subject to any financing condition and will be funded entirely by Industrias Romi S.A.