RDA Microelectronics Announces Receipt of $18.00/ADS Acquisition Proposal from Tsinghua Unigroup
RDA Microelectronics (NASDAQ: RDA) today announced that its Board of Directors received a preliminary, non-binding proposal letter (the "Unigroup Proposal") from Tsinghua Unigroup Ltd. ("Unigroup"), an operating subsidiary of Tsinghua Holdings Co. Ltd., a solely state-owned limited liability corporation funded by Tsinghua University in China, pursuant to which Unigroup proposes to acquire the Company for US$18.00 in cash per American Depositary Share of the Company (the "ADSs," each ADS representing six ordinary shares of the Company). A copy of the proposal letter is attached hereto as Appendix 1.
At the time of its delivery of the Unigroup Proposal to the Board on October 25, 2103, Unigroup requested the Board to refrain from disclosing the Unigroup Proposal to the public during a 21-day period and indicated to the Board that Unigroup may retract the Unigroup Proposal if the proposal was disclosed. On November 7, 2013, Unigroup notified the Board that it withdrew its requirement for confidential treatment of the Unigroup Proposal.
The Board is continuing its review