logo
Share SHARE
FONT-SIZE Plus   Neg

Exceed Co. Gets Non-binding Going Private Proposal At $1.72 Per Share

Exceed Company Ltd. (EDS) Monday said that its board has received a preliminary, non-binding proposal from its chairman and chief executive officer, Shuipan Lin and his affiliates (including Tiancheng Int'l Investment Group Limited), HK Haima Group Limited, Wisetech Holdings Limited, Windtech Holdings Limited and RichWise International Investment Group Limited or collectively, the Consortium Members".

The consortium Members propose to acquire all of the outstanding ordinary shares of the Company not currently owned by them at a proposed price of $1.72 per ordinary share in cash as part of a going private transaction, subject to certain conditions. The proposal represents a premium of 15% to the closing price of the ordinary shares of the Company on August 16, 2013.

As of August 17, 2013, the Consortium Members in the aggregate owned about 66.5% of the total outstanding ordinary shares of the Company.

In response, the company's board has formed a special committee consisting of Messrs. Jin Jichun, Chen Yea-Mow and Pang Xiaozhong, each an independent non-executive director, to consider this proposal. Jin will be the Chairman of the Special Committee. The Special Committee will retain a financial advisor and legal counsel to assist it in its work.

Exceed's board cautioned the company's shareholders and others considering trading in its securities that the Board of Directors has just received the non-binding proposal from the Consortium Members and that no decisions have been made by the Special Committee with respect to the Company's response to the proposal.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Senate Republicans released a draft of their version of legislation to repeal and replace Obamacare on Thursday, with a vote on the 142-page bill expected as soon as next week. The bill, called the Better Care Reconciliation Act, repeals Obamacare's individual and employer mandates as well as the... A local cable and broadband provider in Texas has filed a lawsuit against Comcast Corp., alleging that the cable giant and its contractors drove it out of business by severing its business cable lines after it rejected Comcast's buyout offer. The lawsuit was filed last week in Harris County, Texas, court by Anthony Luna, owner of Telecom Cable LLC. John Oliver, the host of HBO's Sunday Show "Last Week Tonight," HBO and Time Warner have been sued by coal baron Robert Murray for mocking him and his coal company on the show's most recent episode. Murray had previously sent the show its first cease-and-desist letter.
comments powered by Disqus
Follow RTT