U.S. Markets open in 7 hrs 51 mins

Spreadtrum gets $1.38 bil bid

Chinese cellphone chip designer Spreadtrum Communications (SPRD) said it received the buyout proposal from a unit of gov't-owned Tsinghua Holdings Co. Spreadtrum, which designs chips for smartphones, feature phones and other consumer electronics, gets most of its sales in China and Korea, where it counts HTC and Samsung Electronics among its customers. Low-cost smartphones are popular in Asia and expected to drive growth in the handset market as the U.S. reaches saturation. Shares jumped 16.2% to 25.91.