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Isoftstone Holdings Ltd Announces Receipt Of Non-Binding Proposal To Acquire at $5.85 per American Depositary Share-Reuters


Thursday, 6 Jun 2013 09:00am EDT 

Reuters reported that Isoftstone Holdings Ltd announced that its Board of Directors has received a preliminary non-binding proposal letter, dated June 6, 2013, from Mr. Tianwen Liu, the Company's CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited, an alternative investment platform incorporated under the laws of the Cayman Islands and an affiliate of China Asset Management (Hong Kong) Limited, which in turn is a wholly owned subsidiary of China Asset Management Co., Ltd. (collectively, the Buyer Group). According to the proposal letter, the Buyer Group is interested in acquiring all of the Company's outstanding ordinary shares, including ordinary shares represented by the Company's American depositary shares or ADSs (each representing ten ordinary shares of the Company), at a price of $0.585 in cash per ordinary share or $5.85 in cash per ADS. The Buyer Group's proposal letter states that it intends to finance the proposed transaction with a combination of debt and equity capital. Furthermore, the proposal letter specifies that the Buyer Group's proposal constitutes only a preliminary indication of its interest, and is subject to negotiation and execution of definitive agreements relating to the proposed transaction. A copy of the proposal letter is attached hereto as Exhibit A. 

Company Quote

5.61
0.03 +0.54%
22 Aug 2014