iDreamSky To Go Private, Consortium To Acquire All Shares For $14 Per ADS
The Wall Street Journal reported 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.
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