U.S. Markets close in 2 hrs 22 mins

Camelot Information receives recipt of 'going private' proposal at $1.85 per ADS

Camelot Information announced that its board has received a preliminary non-binding proposal letter from its Chairman and CEO Simon Yiming Ma and its President Heidi Chou to acquire all of the outstanding shares of the company not currently owned by the Buyer Group and their respective affiliates and certain other management members of the company who may choose to join the Buyer Group in a going private transaction for $1.85 per American Depositary Share in cash, subject to certain conditions. According to the proposal letter, the acquisition is intended to be financed through a combination of debt and equity capital, and the Buyer Group has been in discussion with a financial institution which has expressed interest in financing the proposed acquisition. The company's board has formed a special committee of independent directors consisting of Jian Wang, David Dahu Wang, and Joanna Wang, to consider this proposal. Jian Wang will serve as chairman of the Independent Committee. The Independent Committee will retain a financial advisor and legal counsel to assist it in its work.