Brief: Glory Star Announces Receipt Of Non-Binding Going Private Proposal

Cheer Holding

14/03/2022 11:02

March 14 (Reuters) - Glory Star New Media Group Holdings Ltd
 GSMG.O :
    * GLORY STAR ANNOUNCES RECEIPT OF NON-BINDING GOING PRIVATE
PROPOSAL
    * GLORY STAR NEW MEDIA GROUP HOLDINGS LTD - BOARD HAS
RECEIVED A
PRELIMINARY NON-BINDING PROPOSAL LETTER DATED MARCH 13, 2022,
FROM BING ZHANG
    * GLORY STAR NEW MEDIA GROUP HOLDINGS - ZHANG TO ACQUIRE ALL
OF
OUTSTANDING ORDINARY SHARES OF COMPANY NOT ALREADY OWNED FOR
$1.27 PER ORDINARY SHARE
    * GLORY STAR NEW MEDIA GROUP HOLDINGS - BOARD INTENDS TO
FORM A
SPECIAL COMMITTEE CONSISTING OF INDEPENDENT DIRECTORS TO
CONSIDER PROPOSED TRANSACTION
    * GLORY STAR NEW MEDIA GROUP HOLDINGS LTD - BING ZHANG
CURRENTLY
BENEFICIALLY OWNS APPROXIMATELY 28.9% OF COMPANY'S OUTSTANDING
ORDINARY SHARES
    * GLORY STAR NEW MEDIA GROUP - BOARD CAUTIONS CO'S
SHAREHOLDERS,
OTHERS, THAT NO DECISIONS HAVE BEEN MADE WITH RESPECT TO CO'S
RESPONSE TO PROPOSAL

Source text for Eikon:  ID:nPn92Jq9ta 
Further company coverage:  GSMG.O