Glory Star New Media jumps on go-private deal with founder
11/07/2022 15:08
** U.S.-listed shares of Glory Star New Media Group GSMG.O
up 40% at $1.25 after Hong Kong-based digital media co agrees to
take it private in deal valuing co at $105.6 mln
** Bing Zhang, founder and CEO of Glory Star, and other
investors to pay $1.55/shr - 76% premium to stock's closing
price, before it first announced offer from Zhang on March 14
urn:newsml:reuters.com:*:nPn4tv0Q4a
** Deal price also a 76% premium to GSMG's Friday close
** Zhang and other investors involved currently own about
73% of outstanding shares of GSMG
** With Monday's gain, GSMG up ~6% YTD
(Reporting by Uday Sampath in Bengaluru)
((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
;))