Yucheng Technologies Ltd. (YTEC) said its board of directors has received a preliminary, non-binding proposal from Weidong Hong to acquire all of the outstanding ordinary shares of the company not currently owned, legally or beneficially, by Hong and companies controlled by Hong in cash at a proposed price of $3.80 per ordinary share.
Hong, who is the chairman of the board and chief executive officer of Yucheng, currently beneficially owns approximately 16.1% of the company's ordinary shares.
The company's board of directors has formed an independent committee of independent directors, composed of Yingjun Li, Zhengong Chang, and Tianqin Chen, and elected Yingjun Li as its chairman, to consider the Proposal by Hong. The Independent Committee has the authority to retain independent legal and financial advisors to assist it.
There can be no assurance that any definitive offer will be made, that any agreement will be executed or that a transaction with Hong or any other transaction will be approved or consummated.
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