Pansoft (PSOF) Engages Advisors, Counsel to Evaluate Proposed 'Go Private' Bid
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Pansoft Company Limited (Nasdaq: PSOF) announced that the Special Committee formed to consider an offer by the Company's Chairman Hugh Wang representing Timesway Group Limited, to acquire all outstanding Pansoft shares that it did not already own, has engaged Duff & Phelps, LLC as its independent financial advisor. In addition, the Special Committee retained Morgan, Lewis & Bockius, LLP to serve as its United States legal counsel and Maples and Calder to serve as its British Virgin Islands legal counsel.
On January 7, 2011, the Company's Board of Directors received an offer from Chairman Hugh Wang, representing Timesway Group Limited, to acquire all outstanding Pansoft shares that it did not already own at a price of $3.76 per share. Timesway Group Limited is controlled by Chairman High Wang and CEO Guoqiang Lin, and had voting power over 64% of the Company's voting securities as of June 30, 2011.
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On January 7, 2011, the Company's Board of Directors received an offer from Chairman Hugh Wang, representing Timesway Group Limited, to acquire all outstanding Pansoft shares that it did not already own at a price of $3.76 per share. Timesway Group Limited is controlled by Chairman High Wang and CEO Guoqiang Lin, and had voting power over 64% of the Company's voting securities as of June 30, 2011.
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