The Consortium Members propose to acquire all of the outstanding ordinary shares of the Company not currently owned by them at a proposed price of $1.72 per ordinary share in cash as part of a going private transaction, subject to certain conditions.
The proposal represents a premium of 15% to the closing price of the ordinary shares of the Company on August 16, 2013, a premium of 38% to the average closing price of the ordinary shares of the Company during the last 30 trading days, and a premium of 42% to the average closing price of the ordinary shares of the Company during the last 60 trading days.
As of August 17, 2013, the Consortium Members in the aggregate owned approximately 66.5% of the total outstanding ordinary shares of the Company. A copy of the text of the proposal letter to the Board of Directors is attached as Exhibit A.
In response, the Board of Directors has formed a special committee (the "Special Committee") consisting of Messrs. Jin Jichun, Chen Yea-Mow and Pang Xiaozhong, each an independent non-executive director, to consider this proposal. Mr. Jin will be the Chairman of the Special Committee. The Special Committee will retain a financial advisor and legal counsel to assist it in its work.
The Board of Directors cautions the Company's shareholders and others considering trading in its securities that the Board of Directors has just received the non-binding proposal from the Consortium Members and that no decisions have been made by the Special Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.
About Exceed Company Ltd.
Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in second and third-tier cities in China.
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