OmniVision Technologies,
Inc. OVTI, a leading developer of advanced digital imaging
solutions, today announced that its board of directors has received a
preliminary non-binding proposal letter dated August 12, 2014 from Hua Capital
Management Ltd. ("HCM"), a Beijing-based investment management company,
pursuant to which a group of investors led by HCM proposes to acquire all of
the outstanding shares of common stock of the Company in cash, at US$29.00 per
share. The investment group led by HCM includes Shanghai Pudong Science and
Technology Investment Co. Ltd., a wholly state-owned limited liability
company, established directly under the Pudong New Area government of
Shanghai.
The Company's board of directors is reviewing and evaluating HCM's proposal.
No decision has been made with respect to 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 not undertake any obligation to provide any
updates with respect to this or any other transaction, except as required
under applicable law.
The Company has retained J.P. Morgan Securities LLC as its financial advisor,
and Wilson Sonsini Goodrich & Rosati, P.C. as its legal counsel.
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