Trunkbow International Holdings Ltd. (NASDAQ: TBOW) reported it has entered into plan with its parent company Trunkbow Merger Group Ltd. and parent subsidiary Trunkbow International Merger Sub Ltd. in which parent will acquire the company for USD1.46 per share of the company´s common stock.
The merger consideration represents a 24.8% premium over the closing price on November 1, 2012, the last trading day prior to the company´s announcement on November 2, 2012 that it had received a “going private” proposal, and a 48.6% premium over the 30-trading day volume weighted average price as of the same date.
The company´s board of directors, acting upon the unanimous recommendation of the special committee, approved the merger agreement and the merger and resolved to recommend that the company´s stockholders vote to adopt the merger agreement and approve the merger.
The company said it will call a meeting of its stockholders for the purpose of voting on the adoption as soon as practicable.
Trunkbow International Holdings is a provider of mobile payment solutions and mobile value added solutions in the PRC. For more information, visit www.trunkbow.com.