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

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iDreamSky To Go Private, Consortium To Acquire All Shares For $14 Per ADS
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Shares of iDreamSky Technology Ltd (ADR) (NASDAQ: DSKY) were trading higher by 0.60 percent at $13.35 following the company's announcement of a going private transaction.

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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