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News Breaks | | | | November 2, 2012 | | 09:10 EDT |  | TBOW | Trunkbow announces receipt of "going private" proposal
Trunkbow and Mobile Value Added Services announced that its board has received a preliminary non-binding proposal letter, dated November 2, from Hou Wanchun, chairman of the board and Li Qiang, CEO of the company, that proposes a "going-private" transaction involving the acquisition of all of the outstanding shares of the company's common stock not beneficially owned by the Consortium Members at a price of $1.46 per share. According to the proposal letter, the Acquisition is intended to be financed with a combination of debt and equity capital. The company's board has formed a special committee of independent directors consisting of Tan Kokhui, Lv Tingjie, and Huang Zhaoxing to consider the acquisition. The Special Committee intends to retain financial, legal and other advisors to assist it in its review of the acquisition. | |
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