Market Overview

Camelot Information Systems to be Acquired for $2.05/ADS in "Going Private" Transaction

Camelot Information Systems Inc. (NYSE: CIS) ("Camelot" or the "Company"), a leading domestic provider of enterprise application services and financial industry information technology services in China, today announced that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Camelot Employee Scheme Inc. ("Parent"), a limited liability company incorporated under the laws of the British Virgin Islands (the "BVI") and wholly owned by Mr. Simon Yiming Ma ("Mr. Ma"), the Company's Chairman and Chief Executive Officer, and Camelot Employee SubMerger Scheme INC. ("Merger Sub"), a limited liability company incorporated under the laws of the BVI and a wholly owned subsidiary of Parent, pursuant to which Parent will acquire the Company for US$0.5125 per ordinary share of the Company (a "Share") or US$2.05 per American Depositary Shares, each representing four (4) Shares (an "ADS"). This represents a 36.7% premium over the closing price of US$1.50 per ADS as quoted by the New York Stock Exchange (the "NYSE") on March 11, 2013, the last trading day prior to the Company's announcement on March 12, 2013 that

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Posted-In: News Guidance Contracts Asset Sales Management M&A Global

 

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