Winner Medical Group/CEO Jianquan Li
On April 2, 2012, Winner Medical Group Inc. (Nasdaq: WWIN) has received a preliminary, non-binding proposal from its chairman and chief executive officer, Mr. Jianquan Li ("Mr. Li"). Mr. Li proposes to acquire all of the outstanding shares of the Company's common stock not currently owned by him and his wife, Ms. Ping Tse, at a proposed price of $4.30 per share in cash as part of a going private transaction. Mr. and Mrs. Li currently beneficially own approximately 73.95% of the Company's common stock.
In response, the Board of Directors formed a special committee of independent directors, consisting of Messrs. Wenzhao Liang, Xuedong Wu and Lawrence Xiaoxia Pan, to consider this proposal and any alternative transactions. The special committee elected Mr. Wenzhao Liang as its chairman, and the special committee has been authorized to retain independent financial advisors and legal counsel to assist it in its work. The Board of Directors cautions the Company's shareholders, and others considering trading in its securities, that it has only received a proposal. No decision has 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 a transaction with Mr. Li or any other transaction will be approved or consummated. The Company is not obligated to make, and does not at this time anticipate making, any further public statements about this matter or the activities of the special committee unless and until either the Company enters into a definitive agreement for a transaction or the special committee determines that no such transaction will be effected.
In response, the Board of Directors formed a special committee of independent directors, consisting of Messrs. Wenzhao Liang, Xuedong Wu and Lawrence Xiaoxia Pan, to consider this proposal and any alternative transactions. The special committee elected Mr. Wenzhao Liang as its chairman, and the special committee has been authorized to retain independent financial advisors and legal counsel to assist it in its work. The Board of Directors cautions the Company's shareholders, and others considering trading in its securities, that it has only received a proposal. No decision has 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 a transaction with Mr. Li or any other transaction will be approved or consummated. The Company is not obligated to make, and does not at this time anticipate making, any further public statements about this matter or the activities of the special committee unless and until either the Company enters into a definitive agreement for a transaction or the special committee determines that no such transaction will be effected.
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