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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (2101)	3/25/2011 8:40:05 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Funtalk China Holdings (originally Middle Kingdom Alliance) has gotten an offer to go private from a group that includes insiders who already own a majority position in the company: Funtalk China Holdings Limited Announces Receipt of "Going Private" Proposal Press Release Source: Funtalk China Holdings Limited On Friday March 25, 2011, 9:04 am EDT BEIJING, March 25, 2011 /PRNewswire-Asia/ -- Funtalk China Holdings Limited (the "Company" or "Funtalk") (Nasdaq:FTLK - News), a leading China-based retailer and wholesale distributor of wireless communications devices, accessories and content, announced today that its Board of Directors has received a preliminary non-binding proposal letter dated March 25, 2011 from ARCH Digital Holdings Ltd. ("ARCH"), Capital Ally Investments Limited ("Capital Ally"), GM Investment Company Limited ("GM"), Sinowill Holding Limited ("Sinowill"), which is controlled by the Chairman of its Board of Directors, Mr. Kuo Zhang, Huge Harvest Enterprises Limited ("Harvest"), which is wholly owned and controlled by the Chief Executive Officer of the Company, Mr. Dongping Fei, Kingstate Group Limited ("Kingstate"), which is wholly owned and controlled by Mr. Hengyang Zhou, executive president of Beijing Funtalk Century Technology Group Company Limited, an indirect wholly owned subsidiary of the Company, and Trend Focus Limited, which is wholly owned and controlled by its senior vice president of corporate investor relations, Mr. Francis Kwok Cheong Wan ("Trend Focus", together with ARCH, Capital Ally, GM, Sinowill, Harvest and Kingstate, the "Consortium Members"), to acquire all of the outstanding ordinary shares of the Company not already owned by the Consortium Members in a "going-private" transaction (the "Transaction") for $7.10 per ordinary share in cash, subject to certain conditions, including, among other things, successful completion of due diligence to the satisfaction of the Consortium Members. The Consortium Members currently own, in the aggregate, 46,458,314 ordinary shares, or approximately 77.13% of the outstanding shares of the Company (excluding outstanding warrants and options of the Company). According to the proposal letter, the Consortium Members will form an acquisition vehicle for the purpose of pursuing the Transaction, and the Transaction is intended to be financed with a combination of debt and equity capital. The proposal letter states that the Consortium Members are in discussions with several investment funds which have expressed serious interest in providing financing to the Consortium Members, and the Consortium Members expect that commitments for the required debt and equity financing, subject to terms and conditions set forth therein, will be in place by the time the definitive documentation for the Transaction is signed. A copy of the proposal letter is attached hereto as Exhibit A. The Company's Board of Directors, except Mr. Kuo Zhang and Mr. Dongping Fei, is reviewing the proposal and the Board of Directors cautions the Company's shareholders and others considering trading in securities that no decisions have been made with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. <snip> finance.yahoo.com