Brief: Glory Star Enters Into A Definitive Agreement For Going-Private Transaction

Cheer Holding

11/07/2022 14:23

July 11 (Reuters) - Glory Star New Media Group Holdings Ltd
 GSMG.O :
    * GLORY STAR ENTERS INTO A DEFINITIVE AGREEMENT FOR
GOING-PRIVATE
TRANSACTION
    * GLORY STAR NEW MEDIA GROUP - BUYER GROUP INTENDS TO FUND
MERGER
THROUGH A COMBINATION OF CASH CONTRIBUTIONS FROM CERTAIN MEMBERS
OF BUYER GROUP
    * GLORY STAR NEW MEDIA GROUP HOLDINGS - PARENT WILL BE
BENEFICIALLY OWNED BY A GROUP OF ROLLOVER SHAREHOLDERS,
INCLUDING BING ZHANG, AND FINANCIAL INVESTORS
    * GLORY STAR NEW MEDIA GROUP HOLDINGS LTD - BUYER GROUP
BENEFICIALLY OWNS, IN AGGREGATE, APPROXIMATELY 72.8% OF
OUTSTANDING SHARES OF COMPANY
    * GLORY STAR NEW MEDIA - BOARD OF DIRECTORS APPROVED MERGER
AGREEMENT
    * GLORY STAR NEW MEDIA GROUP HOLDINGS LTD - EACH ORDINARY
SHARE,
WILL BE CANCELLED IN EXCHANGE FOR RIGHT TO RECEIVE US$1.55 IN
CASH WITHOUT INTEREST
    * GLORY STAR NEW MEDIA GROUP - IF COMPLETED, MERGER WILL
RESULT IN
COMPANY BECOMING A PRIVATELY-OWNED COMPANY WHOLLY OWNED DIRECTLY
BY PARENT

Source text for Eikon:  ID:nPn4tv0Q4a 
Further company coverage:  GSMG.O 

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