KongZhong Special Committee Retains Financial Advisors and Legal Counsel in Connection With $8.56/ADS 'Going Private' Offer

KongZhong Corporation KZ today announced that the special committee of the Company's board of directors has retained Duff & Phelps, LLC and Duff & Phelps Securities LLC as its financial advisors and Skadden, Arps, Slate, Meagher & Flom as its legal counsel in connection with its review and evaluation of the preliminary non-binding proposal letter, dated June 29, 2015, from Mr. Leilei Wang, chairman and chief executive officer of the Company, and IDG-Accel China Growth Fund II L.P., to acquire all of the outstanding ordinary shares of the Company not owned by them or their affiliates. The Company's board of directors cautions the Company's shareholders and others considering trading its securities that no decisions have been made by the Special Committee or the Company with respect to the Company's response to the proposal letter. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other proposed transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect See full press release