AsiaInfo-Linkage, Inc. (ASIA) announced Monday that it agreed to be acquired by a private investor consortium led by CITIC Capital Partners for $12.00 per share in cash.
This per share price values AsiaInfo-Linkage at about $890 million, represents a 52% premium over the closing price on January 11, 2012, the last trading day prior to AsiaInfo-Linkage's receipt of a "going private" proposal from CITIC Capital Partners, and represents a 53% premium over the 30-trading day volume weighted average price as of the same date.
AsiaInfo-Linkage's board of directors has approved the merger agreement and resolved to recommend that AsiaInfo-Linkage's stockholders vote to adopt the merger agreement.
AsiaInfo-Linkage said it will call a meeting of its stockholders for the purpose of voting on the adoption of the merger agreement as soon as practicable. If completed, the acquisition will, under the laws of the State of Delaware, result in AsiaInfo-Linkage becoming a privately held company and AsiaInfo-Linkage's shares of common stock will no longer be listed on the NASDAQ Global Market.
The acquisition is subject to other customary conditions, including receipt of required regulatory approvals, in addition to approval by AsiaInfo-Linkage's stockholders.
The buyer consortium, led by CITIC Capital Partners and Edward Tian, co-founder and a significant stockholder of AsiaInfo-Linkage, and their respective affiliates, including CITIC PE and China Broadband Capital Partners II, L.P., will provide equity financing for the acquisition. CITIC Capital Partners is the private equity arm of CITIC Capital Holdings Ltd.
The company said that Bank of Taiwan, Cathay United Bank, Co., LTD., ICBC International Capital Limited, Maybank Investment Bank Berhad, and Nomura International (Hong Kong) Limited have agreed as mandated lead arrangers to arrange a debt facility in the aggregate amount of $330 million to provide debt financing for the acquisition.
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