Funtalk China/Fortress
On May 31, 2011, Funtalk China Holdings Limited (Nasdaq: FTLK) entered into a definitive agreement with Fortress Group Limited and Fortress Merger Sub Limited pursuant to which Parent will acquire Funtalk for $7.20 per share.
The Transaction values Funtalk's equity at approximately US$443 million on a fully diluted basis.
The Consortium Members currently own, in the aggregate, 46,458,314 ordinary shares, or approximately 77.09% of the outstanding shares of the Company.
Closing is expected in Q311.
Bank of America Merrill Lynch is serving as financial advisor to the Independent Committee. Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal advisor to the Independent Committee, and Maples and Calder is serving as Cayman Islands legal advisor to the Independent Committee. Latham & Watkins LLP is serving as U.S. legal advisor to the Company. Shearman & Sterling LLP is serving as U.S. legal advisor to Bank of America Merrill Lynch.
Citigroup Global Markets Asia Limited is serving as financial advisor to the Consortium. Cleary Gottlieb Steen & Hamilton LLP is serving as U.S. legal advisor to the Consortium, and Conyers Dill & Pearman is serving as Cayman Islands legal advisor to the Consortium. Weil, Gotshal & Manges LLP is serving as U.S. legal advisor to Citigroup Global Markets Asia Limited. Simpson Thacher & Bartlett LLP is serving as U.S. legal advisor to PAGAC.
The Transaction values Funtalk's equity at approximately US$443 million on a fully diluted basis.
The Consortium Members currently own, in the aggregate, 46,458,314 ordinary shares, or approximately 77.09% of the outstanding shares of the Company.
Closing is expected in Q311.
Bank of America Merrill Lynch is serving as financial advisor to the Independent Committee. Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal advisor to the Independent Committee, and Maples and Calder is serving as Cayman Islands legal advisor to the Independent Committee. Latham & Watkins LLP is serving as U.S. legal advisor to the Company. Shearman & Sterling LLP is serving as U.S. legal advisor to Bank of America Merrill Lynch.
Citigroup Global Markets Asia Limited is serving as financial advisor to the Consortium. Cleary Gottlieb Steen & Hamilton LLP is serving as U.S. legal advisor to the Consortium, and Conyers Dill & Pearman is serving as Cayman Islands legal advisor to the Consortium. Weil, Gotshal & Manges LLP is serving as U.S. legal advisor to Citigroup Global Markets Asia Limited. Simpson Thacher & Bartlett LLP is serving as U.S. legal advisor to PAGAC.
