New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 19, 2014
09:43 EDTCHRMCharm enters agreement for going private transaction
Charm Communications announced that it has entered into an agreement and plan of merger, dated May 19 with Engadin Parent and Engadin Merger, pursuant to which parent will acquire Charm at a price of $4.70 in cash per American Depositary Share of the Company or $2.35 in cash per Class A ordinary share of the company, and $2.35 in cash per Class B ordinary share of the company. This represents a 14.3% premium over the company's 30 trading day volume-weighted average price of $4.11 per ADS as quoted by NASDAQ on September 27, 2013, the last trading day prior to the company's "going private" announcement. Immediately after the completion of the transaction, parent will be beneficially owned by He Dang, the chairman of the board of directors and certain of his affiliates including Merry Circle Trading. The consortium collectively beneficially owns approximately 55.3% of the outstanding shares of the and intends to fund the transaction, including the acquisition of ADSs and ordinary shares of the company not already owned by the consortium, through a combination of proceeds from a loan facility in the amount of $60M from Bank of China, London Branch, equity financing to be provided by the sponsor and available cash of the company and its subsidiaries. In connection with the merger agreement, the founder and the founder shareholders also have entered into a rollover and support agreement with parent and merger sub and have agreed, among other things, to vote all of their ordinary shares in favor of the authorization and approval of the merger agreement and the transaction. The transaction, which is currently expected to close before the end of 3Q, is subject to various closing conditions. If completed, the transaction will result in the company becoming a privately-held company and its ADSs will no longer be listed on the NASDAQ Global Market.
News For CHRM From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for CHRM

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use