iDreamSky To Go Private, Consortium to Acquire All Shares For $14 Per ADRi

Shares of

were trading higher by 0.60 percent at $13.35 following the company's

of a going private transaction. The Wall Street Journal

on June 15 that iDreamSky Technology's chairman and CEO, Michael Xiangyu Chen, made a bid to take the company private. The executive offered $14 per American depositary share (ADS), valuing the company at around $620 million. iDreamSky Technology stated in its press release that Chen led a consortium of investors and will acquire all Class A and Class B shares for $3.50. The consortium will also pay $14 per ADS, representing a premium of 39.8 percent to the volume-weight average closing price during the 60 trading days prior to June 12 - the final trading day prior to Chen's go private offer.