Beijing on July 22nd news, Mcglaughlin announced Tuesday that the board of directors of the company has received a signed date for July 21, 2015, from CNshangquan Limited and Leading Capital (hereinafter referred to as the "buyers group") the preliminary privatization of non binding offer.
buyers consortium proposed to ordinary shares of $0.114 per share in cash, equivalent to $4 per share of American Depositary Shares (ADS) cash, the acquisition of all of its outstanding shares in the territory of Mcglaughlin. ADS per share represents 35 shares of common stock.
buyers consortium currently beneficially owns about 63.8% of Mcglaughlin’s issued and outstanding shares.
according to the privatization offer, the buyer consortium plans to set up a vehicle carrier (acquisition) to implement the transaction. The buyer consortium intends to finance the transaction by using the equity capital provided by its members and other equity investors.
The board of directors of
Mcglaughlin plans to set up a special committee composed of independent directors with no interest, and authorize the special committee to employ legal and financial advisers to assist in the assessment of the transaction.
Mcglaughlin board of directors to remind shareholders of the company and other investors to consider the stock trading company, the board of directors received only the buyer consortium’s non binding privatization offer. As for the company to respond to the offer, the board of directors has not yet made any decision, can not guarantee that will receive the final offer, can not guarantee that any agreement will be executed, can not guarantee the transaction or any other transaction will be approved or completed. The company does not undertake any obligation to provide any updated information relating to this or any other transaction except as required by law.