China Mass Media Corp. ("China Mass Media" or the "Company") (OTC-PINK: CMMCY) today announced that its Board of Directors has received a non-binding proposal letter from Mr. Shengcheng Wang, the controlling shareholder of the Company, pursuant to which Mr. Shengcheng Wang proposes to acquire (i) ADSs of the Company held by the public investors for cash at not more than US$5.0 per ADS; and (ii) options issued under the 2008 Equity Incentive Scheme of the Company for cash at not more than US$0.0167 per option, (the "Proposal").
The Company has formed a Special Committee of the Board of Directors (the "Special Committee") to consider the Proposal and any potential alternative transactions involving the Company. The Special Committee has retained Shearman & Sterling LLP as its legal counsel and is in the process of engaging a financial advisor to assist it in consideration of such matters. Dr.Liping He, Mr. Jianmin Qu, Dr. Xingzhao Liu and Mr. Yong Chen were designated as the members of the Special Committee. The Board cautions the Company's shareholders and others considering trading in its securities that no decision has been made by the Special Committee with respect to the Company's response to the Proposal. 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.
Join the Conversation