Shareholders of Chinese handset retailer Funtalk have voted in favour of the company being privatised, according to a Funtalk statement.
This announcement follows a previous Funtalk’s statement back in March, saying that it received offers from a…
Shareholders of Chinese handset retailer Funtalk have voted in favour of the company being privatised, according to a Funtalk statement.
This announcement follows a previous Funtalk’s statement back in March, saying that it received offers from a consortium of investors, known as Fortress Group, to buy the remaining shares they do not already own in the company.
The group – which includes ARCH Digital, Capital Ally, GM Investment, Sinowill, Huge Harvest (held by Funtalk’s CEO, Dongping Fei), Kingstate, and Trend Focus – already controls 77.13% of Funtalk.
The consortium will buy the remaining stake for approximately US$99m, or US$7.20 a share. The transaction is expected to be financed with a combination of debt and cash. Several investment funds have expressed interest in providing funding, Funtalk said a few months ago.
The transaction, scheduled to be completed by the end of August, will result a delisting from NASDAQ.
