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YY Names Independent Financial Advisor and Legal Counsel to Special Committee

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YY Inc. (NASDAQ: YY) today announced that the special committee of its board of directors (the "Special Committee") has retained Citigroup Global Markets Inc. as its independent financial advisor and Fenwick & West LLP as its legal counsel. The Special Committee was formed in connection with the preliminary non-binding proposal dated July 9, 2015 from the consortium comprising Mr. Jun Lei, Chairman of the Company's board of directors, and Mr. David Xueling Li, director and Chief Executive Officer of the Company (the "Proposal").

The Special Committee cautions the Company's shareholders and others considering trading in the Company's securities that the Special Committee is continuing its evaluation of the Proposal and that, at this time, no decisions have been made by the Special Committee with respect to YY's response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the Proposal or any other transaction will be approved or consummated.

About YY Inc.

YY Inc. ("YY" or the "Company") is a revolutionary real-time interactive social platform that engages users in real-time online group

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Posted-In: News Management M&A Press Releases

 

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