Cheer Holding shares rise 11.74% intraday after forming special committee to evaluate two preliminary takeover offers.

Cheer Holding surged 11.74% intraday, with the company announcing the formation of a special committee to evaluate two preliminary non-binding offers to acquire all shares. The proposals include a $0.56 per share offer from Zhongsheng Dingxin Investment Fund and a $0.52 per share offer from Excel Ally Ventures. The company is an advanced mobile internet infrastructure and platform service provider.