Mandarin Oriental receives bids for The Excelsior in Hong Kong, shares surge on Friday

MANDARIN Oriental International Limited said that it has received proposals from potential buyers to acquire The Excelsior hotel in Hong Kong.

"These will form the basis for further consideration of the company's strategic options," it said in a filing on Friday, without offering more details.

Shares of Mandarin Oriental surged 20.8 per cent on Friday to close at US$2.56, after 6.18 million shares were traded, likely on speculation that a deal might go through.