UTStarcom Special Committee Retains Legal Counsel to Assist in Consideration of 'Going Private' Proposal

UTStarcom Holdings UTSI today announced that a special committee of independent directors of the Company's board of directors (the "Special Committee") has selected Kirkland & Ellis International LLP ("Kirkland & Ellis") as its legal counsel. The Special Committee also intends to retain a financial advisor to assist it in its work. As previously announced, the Company's board of directors formed the Special Committee to consider a "going-private" transaction (the "Transaction") for $3.20 in cash per ordinary share, proposed by one of the directors of the Company, Mr. Hong Liang Lu and his affiliates, and Shah Capital Opportunity Fund LP and Himanshu H. Shah, in a preliminary non-binding proposal letter, dated March 27, 2013.  Kirkland & Ellis will assist the Special Committee in its work in connection with the Transaction. No decisions have been made by the Special Committee with respect to the Company's response to the 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 See full press release