iSoftStone Holdings Ltd. (NYSE: ISS) said its board of directors has received a preliminary non-binding proposal letter from Tianwen Liu, the company´s CEO and the chairman of its board of directors, and ChinaAMC Capital Management Ltd.
According to the proposal letter, the buyer group is interested in acquiring all of the company´s outstanding ordinary shares, including ordinary shares represented by the company´s American depositary shares or ADSs, at a price of USD0.585 in cash per ordinary share or USD5.85 in cash per ADS.
The buyer group´s proposal letter states that it intends to finance the proposed transaction with a combination of debt and equity capital. Furthermore, the proposal letter specifies that the buyer group´s proposal constitutes only a preliminary indication of its interest, and is subject to negotiation and execution of definitive agreements relating to the proposed transaction.
According to the proposal letter, Cleary Gottlieb Steen & Hamilton LLP is acting as US counsel to the Buyer Group. O´Melveny & Myers LLP is the company´s US counsel.
Founded in 2001, iSoftStone is a leading China-based IT services provider serving both greater China and global clients. For more information, visit www.isoftstone.com.
