iPhone camera supplier OmniVision Technologies said that the company has received a cash acquisition proposal from a Chinese investment consortium led by Hua Capital Management Ltd.

According to media reports, the consortium offered to buy OmniVision for USD29 per share in cash for a total value of USD167 million, which represents a premium of 17.9% to the company's closing price last Wednesday.

OmniVision revealed that the Chinese investment group is led by Hua Capital Management Ltd and its members include state-owned Shanghai Pudong Science and Technology Investment Co Ltd.

Due to the low product price and high market demand, California-headquartered OmniVision grabbed a large market share from its competitors in the Chinese market in recent years. The company's major competitors include Sony Corp, Samsung Electronics Co and Himax Technologies Inc.

OmniVision Technologies is a leading developer of advanced digital imaging solutions. Its award-winning CMOS imaging technology enables superior image quality in many of today's consumer and commercial applications, including mobile phones, notebooks, tablets and webcams, entertainment devices, security and surveillance systems, digital still and video cameras, automotive and medical imaging systems.