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May 2, 2014
07:59 EDTRDARDA Microelectronics responds to certain media reports about PDSTI extension
RDA Microelectronics responds to recent media reports regarding an extension of the NDRC preclearance obtained by Shanghai Pudong Science and Technology Investment, or PDSTI, which was originally granted to PDSTI in connection with its prior attempted offer to acquire the company last year. The company is issuing this announcement in view of potential misinformation regarding the reported PDSTI extension, and to also clarify certain aspects of status regarding the pending merger transaction with Tsinghua Unigroup. With regard to PDSTI, the company hereby clarifies that since the company selected Tsinghua Unigroup as the winning bidder after a competitive market process that resulted in the Company entering into the merger agreement with Tsinghua Unigroup in November 2013, PDSTI has not approached the company with any transactable alternative proposal or provided any credible proof to establish its funding capability given the lack of track record in completing any major overseas acquisition; and the company has not been in contact with PDSTI for several months. The company and Tsinghua Unigroup have been working closely and actively to close the transaction within the framework of the amended Merger Agreement. Tsinghua Unigroup has also fully funded its escrow account for the termination fees after approval by the Company's shareholders of the transaction contemplated by the Merger Agreement in December 2013. The company and its board is committed to and will continue acting to protect and maximize shareholder interest and will update the shareholders with any material developments of the pending merger transaction with Tsinghua Unigroup.
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