Ninetowns Special Committee Selects Advisors to Consider Going Private Proposal
Ninetowns Internet Technology Group Company Limited (NASDAQ: NINE) today announced that the Special Committee of its Board of Directors (the "Special Committee"), formed to consider a proposal from certain directors and officers of the Company, including Mr. Shuang Wang, Ms. Min Dong, Mr. Xiaoguang Ren, Mr. Kin Fai Ng, Mr. Bolin Wu, Mr. Zhonghai Xu and Mr. Tommy Siu Lun Fork (together, the "Consortium Members"), to acquire all of the outstanding ordinary shares of the Company not currently owned, legally or beneficially, by the Consortium Members in a "going private" transaction (the "Proposed Transaction"), has retained Piper Jaffray & Co. as its financial advisor, Latham & Watkins LLP as its United States legal counsel and Maples and Calder as its Cayman Islands legal counsel to assist the Special Committee in its work.
The Special Committee is continuing its evaluation of the Proposed Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does