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December 24, 2012
13:39 EDTSYSWSyswin enters definitive going private agreement with Brilliant Strategy
SYSWIN announced that it has entered into an agreement and plan of merger, dated December 24 with Brilliant Strategy Limited, and Brilliant Acquisition Limited, a wholly-owned subsidiary of Brilliant Strategy. Brilliant Strategy is 59.89% owned by Liangsheng Chen, CEO and President. Pursuant to the agreement the SYSWIN will survive the merger and become a wholly-owned subsidiary of Brilliant Strategy, and each ordinary share of the company, including ordinary shares represented by American Depositary Shares, each of which represents 4 ordinary shares, issued and outstanding immediately prior to the effective time of the merger will be cancelled in exchange for the right to receive $2.05 per ADS in cash without interest, except for the ordinary shares beneficially owned by Brilliant Strategy and its direct and indirect shareholders. The merger contemplated in the merger agreement, which is currently expected to close around the end of 1Q13, is subject to the approval by an affirmative vote of shareholders representing two-thirds or more of the company's ordinary shares.
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