Venture-Backed Sungy Mobile Receives Go-Private Proposal

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Guangzhou-based Chinese mobile content and service provider Sungy Mobile Limited says that it has received a preliminary non-binding proposal from the company’s senior executives to take the company private, according to a company announcement.

Sungy Mobile’s chairman and CEO, Deng Yuqiang, and company co-chief operating officer Zhu Zhi, propose to acquire all of the company’s outstanding ordinary shares currently not owned by them, at US$4.9 per American Depositary Shares (ADSs), each of which represents six ordinary shares.

China Money Network

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