MEMSIC (MEMS) Receives $4/Share Proposal from IDG-Accel
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MEMSIC, Inc. (Nasdaq: MEMS), a leading MEMS solution provider, today announced that its Board of Directors has received an unsolicited, non-binding proposal from IDG-Accel China Growth Fund II L.P., for itself and on behalf of its affiliated funds and certain nominees (collectively, "IDG"), to acquire all outstanding shares of common stock of MEMSIC not currently owned by IDG or its affiliates for cash in the amount of $4.00 per share.
In response to the proposal, the Company's Board of Directors has established a Special Committee of the Board comprised of its three independent directors. The Special Committee has engaged RBC Capital Markets, LLC as its financial advisor to assist it in evaluating this proposal and all other strategic alternatives, and will consider the IDG proposal and related matters carefully in due course, consistent with the Board's fiduciary duties to act in the best interest of stockholders.
The Board of Directors cautions MEMSIC stockholders and others considering trading in its securities that neither the Board of Directors nor the Special Committee has made any decision with respect to the IDG proposal and that there can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.
MEMSIC does not intend to comment further regarding this proposal or its evaluation of strategic alternatives, unless a specific transaction is recommended by the Board of Directors.
In response to the proposal, the Company's Board of Directors has established a Special Committee of the Board comprised of its three independent directors. The Special Committee has engaged RBC Capital Markets, LLC as its financial advisor to assist it in evaluating this proposal and all other strategic alternatives, and will consider the IDG proposal and related matters carefully in due course, consistent with the Board's fiduciary duties to act in the best interest of stockholders.
The Board of Directors cautions MEMSIC stockholders and others considering trading in its securities that neither the Board of Directors nor the Special Committee has made any decision with respect to the IDG proposal and that there can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.
MEMSIC does not intend to comment further regarding this proposal or its evaluation of strategic alternatives, unless a specific transaction is recommended by the Board of Directors.
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