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Stock Market & Financial Investment News

News Breaks
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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October 21, 2014
08:10 EDTEDSExceed enters into an amendment to the merger with Pan Long
Exceed Company announced that on October 20 it entered into an amendment to the Agreement and Plan of Merger, dated December 2, 2013, by and among the Company, Pan Long Company, an exempted company with limited liability incorporated under the laws of the Cayman Islands and wholly owned by Shuipan Lin, the Company's Chairman and CEO and Pan Long Investment Holdings Limited, a wholly owned subsidiary of Parent. Under the terms of the Merger Agreement, either the Company or Parent could terminate the Merger Agreement without payment of a termination fee if the merger contemplated by the Merger Agreement was not consummated by the termination date of September 2. The Merger Agreement Amendment extends the Termination Date to December 31. The Merger Agreement Amendment also increases the fee payable by Parent to the Company to $2.5M if the Merger Agreement is terminated under circumstances where a termination fee of $2M would previously have been payable and provides that the Company is no longer obligated to pay a termination fee to Parent if the Merger Agreement is terminated under circumstances where a termination fee of $1M would previously have been payable.

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