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

8/19/2013 8:27 AM ET

Exceed Company Ltd. (EDS: Quote) 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.

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by RTT Staff Writer

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