Trunkbow Announces Receipt of 'Going Private' Proposal
Trunkbow, 11/02/12
Beijing-based wireless value-added services (WVAS) and mobile application provider Trunkbow International (Nasdaq: TBOW) today announced that its board of directors has received a preliminary non-binding proposal letter, dated November 2, 2012, from Hou Wanchun, Chairman of the board of directors of the company, and Li Qiang, Chief Executive Officer and a director of the company (Consortium Members), 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 USD 1.46 per Share in cash.
According to the proposal letter, the Acquisition is intended to be financed with a combination of debt and equity capital.
The company's board of directors 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.
Editor's Note: For more background on this topic, please see "Trunkbow Lowers 2012 Net Income Guidance" MD 10/24/12 issue and "Trunkbow Receives Nasdaq Non-Compliance Notification" MD 10/04/12 issue.
Keywords: financing SP Hou Wanchun Li Qiang Tan Kokhui Lv Tingjie Huang Zhaoxing mobile application wireless Trunkbow TBOW
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