Key Developments: Focus Media Holding Ltd (FMCN.O)
27.42USD
1:21pm EDT
$0.05 (+0.18%)
$27.38
$27.35
$27.42
$27.35
591,895
1,430,790
$27.46
$16.80
Latest Key Developments (Source: Significant Developments)
Focus Media Holding Ltd Shareholders Vote To Approve Going Private Transaction
Focus Media Holding Ltd announced that, at an extraordinary general meeting held on April 29, 2013, the Company's shareholders voted in favor of the proposal to authorize and approve the previously announced definitive agreement and plan of merger, dated as of December 19, 2012 (the merger agreement), by and among the Company, Giovanna Parent Limited (Parent) and Giovanna Acquisition Limited (Merger Sub), pursuant to which Merger Sub will be merged with and into Focus Media with Focus Media surviving as a wholly owned subsidiary of Parent (the merger), and to authorize and approve any and all transactions contemplated by the merger agreement, including the merger. Approximately 78.7% of the Company's total outstanding ordinary shares voted in person or by proxy at extraordinary general meeting. Of those ordinary shares, approximately 99.5% were voted in favor of the proposal to authorize and approve the merger agreement and any and all transactions contemplated by the merger agreement, including the merger. The parties currently expect to complete the merger in May 2013. Upon completion of the merger, Focus Media will become a privately held company and its American depositary shares will no longer be listed on the Nasdaq Stock Market. Full Article
Focus Media Holding Ltd Enters Into Definitive Merger Agreement For Going Private Transaction
Focus Media Holding Ltd announced that it has entered into a definitive Agreement and Plan of Merger with Giovanna Parent Limited (Parent) and Giovanna Acquisition Limited (Merger Sub), pursuant to which Parent will acquire Focus Media for $5.50 per ordinary share of the Company or $27.50 per American depositary share, each representing five Shares (an ADS). This amount represents a premium of 17.6% over the Company's closing price of $23.38 per ADS on August 10, 2012 , the last trading day prior to August 13, 2012, the date that the Company announced it had received a going-private proposal, and a premium of 36.6% and 33.9% to the volume-weighted average closing price of the Company's ADSs during the 30 and 60 trading days prior to August 13, 2012 , respectively. The Transaction values Focus Media's equity at approximately $3.7 billion , on a fully diluted basis. Full Article
Focus Media Holding Ltd Issues Q4 2012 Net Income Guidance In Line With Analysts' Estimates-Conference Call
Focus Media Holding Ltd announced that for the fourth quarter of 2012, it expects non-GAAP net income in the range of $93-$98 million. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $94 million for the fourth quarter of 2012. Full Article
Focus Media Holding Ltd Issues Q3 2012 Net Income Guidance In Line With Analysts' Estimates
Focus Media Holding Ltd announced that for third quarter of 2012, it expects non-GAAP net income to be in the range of $92-$94 million. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $93 million for third quarter of 2012. Full Article
Robbins Umeda LLP Announces Investigation Of Focus Media Holding Ltd
Robbins Umeda LLP announced that it has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Focus Media Holding Limited in connection with their actions in relation to a non-binding proposal letter from affiliates of FountainVest Partners, The Carlyle Group, CITIC Capital Partners, CDH Investments, and China Everbright Limited, and Mr. Jason Nanchun Jiang, Chairman of the Board and Chief Executive Officer of Focus Media, and his affiliates (collectively, the "Consortium Members") that proposes a going-private transaction. On August 13, 2012, Focus Media announced that on August 12, 2012, it had received a proposal for a going-private transaction from the Consortium Members. Under the terms of the proposal, Focus Media shareholders would receive $27.00 in cash for each American depository share ("ADS"), or $5.40 in cash per ordinary share. Robbins Umeda LLP's investigation focuses on whether the board of directors at Focus Media is undertaking a fair process to fully consider the proposal by the Consortium Members and obtain maximum value to adequately compensate its shareholders. Notably, there are eight analyst price targets for Focus Media that are higher than the current offer of $27.00 per ADS, with Riedel Research Group maintaining a price target of $46.00 since June 6, 2012. Full Article
Focus Media Holding Ltd Announces Receipt Of Going Private Proposal
Focus Media Holding Ltd announced that Board of Directors has received a preliminary non-binding proposal letter, dated August 12, 2012, from affiliates of FountainVest Partners, The Carlyle Group, CITIC Capital Partners, CDH Investments and China Everbright Limited and Mr. Jason Nanchun Jiang, Chairman of the Board and Chief Executive Officer of Focus Media, and his affiliates, that proposes a going-private transaction for $27.00 in cash per American depositary share, or $5.40 in cash per ordinary share. According to the proposal letter, the Consortium Members will form an acquisition company for the purpose of implementing the Transaction, and the Transaction is intended to be financed with a combination of debt and equity capital. The proposal letter states that the Consortium Members have been in discussions with Citigroup Global Markets Asia Limited, Credit Suisse AG, Singapore Branch and DBS Bank Ltd. about financing the Transaction and that these banks have provided certain of the Consortium Members with a letter dated August 11, 2012 indicating that they are confident of their ability to fully underwrite the debt financing of the Transaction. No decisions have been made by the Independent Committee with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. Full Article
Focus Media Announces Increase In Share Repurchase Program
Focus Media announced its intention to increase the size of its previously announced share repurchase program from USD300 million to USD450 million and to extend the termination date of the repurchase program to December 31, 2013 from June 30, 2011. The other terms of the repurchase program will remain unchanged and Focus Media may repurchase its issued and outstanding American depositary shares (ADSs) using the remaining portion of the program. The repurchases will be made from time to time on the open market at prevailing market prices, in block trades, other privately negotiated transactions or otherwise in accordance with applicable laws and regulations. The purchases will be made subject to restrictions relating to volume, price and timing. The timing and extent of any purchases will depend upon market conditions, the trading price of its ADSs and other factors. Focus Media expects to continue to implement this share repurchase program in a manner consistent with market conditions and the interest of the shareholders and in compliance with the Company's securities trading policy. Full Article
Mercedes plans new small luxury cars to rival BMW: report
BERLIN - German car maker Daimler plans to launch a new line of small luxury vehicles at its Mercedes-Benz division to rival premium-market leader BMW's Mini brand, Focus reported, without citing the source of the information.
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