SYSWIN Announces Receipt of "Going Private" Proposal at $0.50 Per Ordinary share and $2.00 per ADS
SYSWIN (NYSE: SYSW), a leading primary real estate service provider in China, today 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