SYSWIN (SYSW) Gets $2/ADS 'Go Private' Bid from CEO Chen, Consortium
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SYSWIN Inc. (NYSE: SYSW), announced that its Board of Directors has received a preliminary non-binding proposal letter dated September 7, 2012 from Mr. Liangsheng Chen ("Mr. Chen"), Chief Executive Officer, President and a director of the Company, to acquire all of the outstanding shares of the Company not currently owned by him and his affiliates in a going private transaction for US$0.50 per ordinary share and US$2.00 per American Depositary Share ("ADS", each ADS representing 4 ordinary shares) in cash.
Mr. Chen and his affiliates currently own approximately 59.82% of the Company's ordinary shares. According to the proposal letter, the acquisition is intended to be financed through a combination of debt and equity financing. A copy of the proposal letter is set forth below as Exhibit A.
The Company's Board of Directors intends to form a special committee (the "Independent Committee") consisting of three independent directors to consider this proposal. The Independent Committee will retain a financial advisor and legal counsel to assist it in its work. No decisions have been made 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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Mr. Chen and his affiliates currently own approximately 59.82% of the Company's ordinary shares. According to the proposal letter, the acquisition is intended to be financed through a combination of debt and equity financing. A copy of the proposal letter is set forth below as Exhibit A.
The Company's Board of Directors intends to form a special committee (the "Independent Committee") consisting of three independent directors to consider this proposal. The Independent Committee will retain a financial advisor and legal counsel to assist it in its work. No decisions have been made 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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