PR Newswire Asia, 6/06/11
Chinese multi-platform marketing company Acorn International (NYSE: ATV) has confirmed that Cayman Islands registered company Bireme Limited has commenced a cash tender offer to acquire ordinary shares and American Depositary Shares (ADSs), each representing 3 ordinary shares, in an aggregate amount not to exceed 20 mln ordinary shares for USD 2 per ordinary share. The two shareholders of Bireme are Ritsuko Hattori-Roche, wife of Robert Roche, co-founder and chairman of Acorn, and Don Dongjie Yang, co-founder, CEO, and a board director of Acorn.
The tender offer is under consideration by the members of the board unaffiliated with Roche, Hattori-Roche, and Yang. On or before June 17, 2011, Acorn intends to file a solicitation/recommendation statement on Schedule 14D-9 stating the Board's position regarding the tender offer.