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Stock Market & Financial Investment News

News Breaks
December 2, 2013
09:04 EDTEDSExceed Co. enters into merger agreement with 'going private' transaction
Exceed Company announced that it has entered into a definitive agreement and plan of merger with 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, pursuant to which Parent will acquire the company for $1.78 per ordinary share. This represents a 19.5% premium over the closing price of $1.49 on August 16, the last trading day prior to the company's announcement on August 19, that it had received a "going private" proposal, and a 24.4% premium over the volume-weighted average closing price of the Company's Shares during the 30 trading days prior to August 16, 2013. The consideration to be paid to holders of Shares implies an equity value for the company of approximately $60.1M, on a fully diluted basis.
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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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