Under the terms of the definitive agreement, which was adopted by the Company's shareholders at an extraordinary general meeting held on August 22, 2011, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the Transaction has been cancelled in exchange for the right to receive US$7.20 per share in cash. The Company also announced today that it requested that trading of its ordinary shares on the NASDAQ Global Market be suspended.
Trading China is discontinuing coverage of FTLK, effective immediately.
Funtalk China Holdings announced today that the Company's shareholders voted in favor of the proposal to adopt the previously announced definitive agreement, pursuant to which the Company will be the surviving entity in the going private transaction. The parties currently expect to complete the transaction by the end of August 2011, subject to the satisfaction or waiver of the conditions set forth in the Agreement. If completed, the proposed transaction would result in the Company becoming a privately held company and its ordinary shares would no longer be listed on the NASDAQ Global Market.
Funtalk China Holdings Limited announced today that it has entered into a definitive agreement with Fortress Group Limited and Fortress Merger Sub Limited pursuant to which Parent will acquire Funtalk for US$7.20 per share. The Transaction values Funtalk's equity at approximately US$443 million on a fully diluted basis, and represents a 35.9% premium over the Company's 30 trading day average price as quoted by NASDAQ on March 24, 2011, the last trading day prior to the Company's announcement on March 25, 2011 that it had received a "going private" proposal.