CNinsure Announces Withdrawal of Non-Binding Going Private Proposal
CNinsure Inc. (Nasdaq: CISG) today announced that the Special Committee of its Board of Directors has received a notice from TPG Asia V MU, Inc., Kingsford Resources Limited, a company controlled by Mr. Yinan Hu, chairman of the Board of Directors and chief executive officer of the Company, and entities affiliated with him, and CDH Inservice Limited that they have unanimously determined to withdraw the non-binding going private proposal dated May 14, 2011.
Mr. Yinan Hu, CNinsure's chairman and chief executive officer, stated, "Recent market conditions and near term volatility have made for a challenging deal environment." Mr. Hu continued, "Throughout the last four months, the Company has been conducting business as usual. We still have full confidence in the growth prospects of the Company in view of our strong cash position, industry leadership and well-proven growth model. We intend for the Company to continue to execute on its long-term growth strategies and to explore potential opportunities to maximize value for all shareholders."
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