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Charm Communications will review buyout offer

NEW YORK (AP) -- Chinese advertising company Charm Communications said Friday that a special committee will review an offer from Chairman He Dang to take the company private.

The special committee will include three independent directors from Charm's board. The committee will retain an independent financial advisor to review the offer and any other proposals from Dang and his affiliates.

Beijing-based Charm said Monday that Dang and CMC Capital Partners had offered to buy the company for $4.70 per U.S. share. That was a 17.2-percent premium to its latest closing price.

Shares of lightly-traded Charm Communications Inc. added a penny to $4.33 in Friday morning trading.