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Stock Market & Financial Investment News

News Breaks
January 5, 2013
15:14 EDTIDITiger Media announces divestiture of SMIL subsidiary
Tiger Media announced the divestiture of its SearchMedia International Limited subsidiary. As part of the transaction, SearchMedia International Limited, “SMIL,” will be divested to Partner Venture Holdings Limited, an independent third party private limited company, in exchange for 650,000 options of Tiger Media at $1.25 per share. The transaction also materially improves the balance sheet and capitalization of Tiger Media including eliminating $13.7M of goodwill, $21.3M of accounts payable, $5.4M in remaining acquisition consideration payable and $11.6M of income tax payable.
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December 15, 2014
08:05 EDTIDITiger Media to acquire The Best One
Tiger Media announced that it has entered into a definitive agreement to acquire The Best One, Inc., parent company of U.S.-based data solutions provider Interactive Data, LLC. Interactive Data is headquartered in Atlanta, GA and has its primary technology office in Seattle, WA. Under the terms of the merger agreement, current shareholders of Tiger Media and TBO will own approximately 34% and 66% of the combined company, respectively, following the Acquisition. Approximately 65% of the shares to be issued to TBO shareholders in the Acquisition will be non-voting preferred stock, and 30% of those shares will only be issued upon achievement of certain revenue targets. The Acquisition is expected to close in the first quarter of 2015, is subject to customary conditions to closing as detailed in the merger agreement, as well as the affirmative vote of a majority of the outstanding shares of Tiger Media entitled to vote. In connection with the Acquisition, Tiger Media will be redomesticating as a Delaware company. The affirmative vote of 2/3 of the votes cast at the Tiger Media meeting will be required for domestication in Delaware. The structure of the transaction will be in the form of an acquisition with TBO merging into a wholly-owned subsidiary of Tiger Media, with the Tiger Media subsidiary as the surviving corporation that will now be headquartered in Atlanta, GA. Following the Acquisition, Derek Dubner, CEO of TBO, will join Tiger Media as Co-CEO along with Peter Tan, current CEO of Tiger Media. Robert Fried will remain Chairman of the Board. Also, following the Acquisition, Derek Dubner and Daniel MacLachlan will join the Tiger Media Board, increasing the Tiger Media Board from five members to seven members.

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