Cash offer buoys CMB

Shares of property investor China Motor Bus (CMB) jumped 7.89 per cent to HK$71.75 yesterday on news of a cash offer by Yu Ming Investment Management. The offer is Yu Ming's second to listed companies within three days as it launched a takeover bid for financial group Pacific Challenge Holdings on April 18 and another for CMB on April 20. CMB said Yu Ming proposed a voluntary cash offer, but it described the terms as 'vague'.