Cheer Holding shares surge 20.96% intraday as company forms special committee to evaluate two takeover bids including $0.56 from Zhongsheng Dingxin and $0.52 from Excel Ally.

Cheer Holding surged 20.96% intraday, as the company announced the formation of a special committee to evaluate two preliminary non-binding offers to acquire all its shares. The proposals include Zhongsheng Dingxin Investment Fund offering $0.56 per share and Excel Ally Ventures offering $0.52 per share. Cheer Holding is an advanced mobile internet infrastructure and platform service provider.