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Shengkai Innovations, Inc. Message Board

  • mani.jose May 21, 2012 10:34 PM Flag

    Receipt of "Going Private" Proposal

    Another takes the smart path and capitalized the market conditions. Now whos next in line
    OT - Facebook haha karambaaaaaa what a sweet quick short that was.

    BEIJING, May 21, 2012 /PRNewswire-Asia-FirstCall/ -- Yucheng Technologies Limited (YTEC) ("Yucheng," the "Company," "we," "us" and "our"), a leading provider of IT Solutions to the financial services industry in China, today announced that its board of directors has received a preliminary, non-binding proposal (the "Proposal") from Mr. Weidong Hong, chairman of the board and chief executive officer of Yucheng, to acquire all of the outstanding ordinary shares of the Company not currently owned, legally or beneficially, by Mr. Hong and companies controlled by Mr. Hong in cash at a proposed price of $3.80 per ordinary share. Mr. Hong currently beneficially owns approximately 16.1% of the Company's ordinary shares. Please refer to the enclosed Exhibit A for a copy of the proposal.
    The Company's board of directors has formed an independent committee (the "Independent Committee") of independent directors, composed of Mr. Yingjun Li, Mr. Zhengong Chang, and Mr. Tianqin Chen, and elected Mr. Yingjun Li as its chairman, to consider the Proposal by Mr. Hong. The Independent Committee has the authority to retain independent legal and financial advisors to assist it. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that a transaction with Mr. Hong or any other transaction will be approved or consummated.

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