AsiaInfo-Linkage (ASIA) Shares Rise Following 'Going Private' Bid
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Shares of AsiaInfo-Linkage (Nasdaq: ASIA) have jumped more than 19 percent in Friday's pre-market action amid news the company's Board of Directors has received a non-binding proposal letter from Power Joy (Cayman) Limited, a wholly owned subsidiary of CITIC Capital China Partners II, L.P., pursuant to which Power Joy proposes to acquire all of the outstanding shares of common stock of AsiaInfo-Linkage in cash at a price which represents a premium over the current stock price.
The Special Committee of the Board of Directors, which was formed to consider the Proposal and any potential alternative transactions involving the Company, has retained Shearman & Sterling LLP as its legal counsel and is in the process of engaging a financial advisor to assist it in consideration of such matters. Mr. Yungang Lu, Mr. Davin A. Mackenzie and Mr. Sean Shao were designated as the members of the Special Committee. The Board cautions the Company's shareholders and others considering trading in its securities that no decision has been made by the Special Committee with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.
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The Special Committee of the Board of Directors, which was formed to consider the Proposal and any potential alternative transactions involving the Company, has retained Shearman & Sterling LLP as its legal counsel and is in the process of engaging a financial advisor to assist it in consideration of such matters. Mr. Yungang Lu, Mr. Davin A. Mackenzie and Mr. Sean Shao were designated as the members of the Special Committee. The Board cautions the Company's shareholders and others considering trading in its securities that no decision has been made by the Special Committee with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.
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