Syswin Inc. Establishes Special Committee to Evaluate "Going Private" Proposal
SYSWIN (NYSE: SYSW), a leading primary real estate service provider in China, today announced that its board of directors (the "Board") has established a special committee of independent directors (the "Special Committee") to evaluate the going-private proposal from Mr. Liangsheng Chen ("Mr. Chen"), Chief Executive Officer, President and a director of the Company. As previously disclosed in the Company's press release dated September 7, 2012, Mr. Chen proposed to acquire all of the outstanding shares of the Company not already 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 in a letter to the Board dated September 7, 2012. According to Mr. Chen, he plans to retain Wilson Sonsini Goodrich & Rosati, P.C. as his U.S. counsel in connection with this transaction.
The Special Committee plans to retain a financial advisor and legal counsel to assist in its work. No decision has been made by the Special Committee with respect to the Company's response to Mr. Chen's proposal. There can be no assurance that any definitive offer will be made,