Focus Media Holding's (NAS: FMCN) board has accepted a bid to go private, the company announced in a press release. It has given the nod to an offer from a consortium of investors led by the firm's chairman and CEO that values its Nasdaq-listed American Depositary Shares at $27.50 apiece and the underlying stock at $5.50. The total price amounts to over $3.7 billion.
If realized, the buyout would be the largest ever for a company based in China.
The investor consortium includes Carlyle Group (NAS: CG) , which has been active in mergers and acquisitions activity in the country. The buyout offer must now be approved by at least two-thirds of the company's shareholders.
The article Focus Media Accepts Bid to Go Private originally appeared on Fool.com.Eric Volkman has no positions in the stocks mentioned above, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.