Chairman, CEO want to take YY privateStaff writer ▼ | July 10, 2015
YY Inc. announced that its board received a non-binding proposal letter from its chairman Jun Lei and David Xueling Li, its director and CEO, to buy all of the outstanding ordinary shares of YY not already beneficially owned by them for $68.50 in cash per American depositary share (ADS), each representing 20 ordinary shares.
Proposal $68.50 in cash per YY ADS
The buyer group currently beneficially owns approximately 35.7% of all the issued and outstanding shares of the vompany, which represent approximately 75.1% of the aggregate voting power of the company.
According to the proposal letter, the buyer group intends to fund the consideration payable in the transaction with a combination of debt and/or equity capital, and rollover equity in the company.
The board intends to form a special committee comprised of independent and disinterested directors and will authorize the special committee to retain legal and financial advisors to assist it in evaluating the transaction. ■