Ku6 Media Passes Dollar Share Mark After News It Will Be Bought Out For $1.08 A Share

Shares of Ku6 Media Co Ltd (ADR) KUTV briefly traded above the $1 per share mark during Tuesday's pre-market session after the company confirmed it will be acquired for $1.08 per ADS.

Ku6 Media, a China-based internet video company focused on user generated content, announced it has entered into an definitive agreement to be acquired by Shanda Investment Holdings.

As part of the agreement, Shanda Investment Holding will pay $1.08 per ADS, which represents a 54 percent premium over the closing price of the company's ADSs on January 29, 2016, the final trading day prior to the initial takeover proposal.

The deal has already been approved by Ku6 Media's Board of Directors and is expected to close in the second half of 2016.