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Cogo Group, Inc. Message Board

  • longtimefollower longtimefollower Oct 26, 2013 12:08 AM Flag

    Question about proposed deal

    I hold a position, but an investor friend of mine asked this. Does anyone care to comment?

    Did I read the recent press release on the sale of 30% of assets to Kang for $80M? By my math, it sounds like he is buying $126M of assets for 63% of value and leaving shareholders with ownership of the remaining $289M in assets and all the $153M of liabilities. Shareholders' equity is about to drop from $261M to $216M ($136M plus the $80M cash). Am I missing something, or is this an absurd deal? Why did the board agree to this?

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