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August 19, 2013
08:06 EDTEDSExceed Co. announces receipt of non-binding going private proposal
Exceed Company reported that its board has received a preliminary, non-binding proposal from its chairman and CEO, Shuipan Lin and his affiliates, HK Haima Group Limited, Wisetech Holdings Limited, Windtech Holdings Limited and RichWise International Investment Group. The Consortium Members propose to acquire all of the outstanding ordinary shares of the company not currently owned by them at a proposed price of $1.72 per ordinary share in cash as part of a going private transaction, subject to certain conditions. The proposal represents a premium of 15% to the closing price of the ordinary shares of the company on August 16, a premium of 38% to the average closing price of the ordinary shares of the company during the last 30 trading days, and a premium of 42% to the average closing price of the ordinary shares of the company during the last 60 trading days. As of August 17, the Consortium Members in the aggregate owned approximately 66.5% of the total outstanding ordinary shares of the company.
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