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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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