RDA Microelectronics Reports Non-Binding Acquisition Bid at $15.50/ADS
RDA Microelectronics, Inc. (Nasdaq: RDA) ("RDA Microelectronics" or the "Company"), a fabless semiconductor company that designs, develops and markets wireless systems-on-chip and radio-frequency (RF) semiconductors for cellular, connectivity and broadcast applications, today announced that its Board of Directors has received an unsolicited, preliminary non-binding proposal letter dated September 27, 2013 from Shanghai Pudong Science and Technology Investment Co., Ltd. ("PDSTI"), a wholly state-owned limited liability company directly under Pudong New Area government of Shanghai, pursuant to which PDSTI proposes to acquire all of the outstanding ordinary shares of the Company (the "Shares) and American Depositary Shares of the Company (the "ADSs," each ADS representing six Shares), in each case other than those Shares or ADSs owned by PDSTI and its affiliates, for US$2.5833 in cash per Share or US$15.50 per ADS. A copy of the proposal letter is attached hereto as Appendix 1.
The Company's Board of Directors is reviewing and evaluating PDSTI's proposal. No decision has been made with respect to the Company's response to the proposal. 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