Charm Communications Forming Committee to Evaluate Go-Private Proposal
Charm Communications Inc. (NASDAQ: CHRM) ("Charm" or the "Company"), a leading advertising agency in China, today announced that it has established a special committee of its board of directors (the "Special Committee") to consider the preliminary non-binding proposal letter dated September 30, 2013 (the "Proposal Letter") from Mr. He Dang, the chairman of the board of directors, Merry Circle Trading Limited, a British Virgin Islands company controlled by Mr. Dang ("Merry Circle"), Honour Idea Limited, a British Virgin Islands company owned by Mr. Dang ("Honour Idea" and, collectively with Merry Circle, the "Founder Shareholders"), and CMC Capital Partners HK Limited to acquire all of the outstanding shares of the Company not currently owned by the Founder Shareholders in a "going private" transaction (the "Proposal").
The Special Committee is composed of the following independent directors of the Company: Mr. Zhan Wang, Mr. Andrew J. Rickards and Mr. Gang Chen, with Mr. Zhan Wang serving as chairperson of the Special Committee. The Special Committee intends to retain advisors, including an independent financial advisor, to assist in the evaluation of the Proposal and any additional proposals that may be made by Mr. Dang and his affiliates.
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