Herman Man Guo, Chairman of the Board and Chief Executive Officer of AirMedia Group, Dan Shao along with the management of AirMedia Group and entered into a preliminary non-binding proposal letter to acquire the remaining 63.66% stake in AirMedia Group Inc. (NasdaqGS:AMCN) from CDH China Growth Capital Fund II, L.P., managed by CDH Investments, and others for approximately $230 million on June 19, 2015. As on September 29, 2015, the parties entered into a definitive agreement. Under the terms, buyers group will pay $6 per American depositary share (ADS). As of June 28, 2017, an amendment agreement was entered into, whereby the buyers group shall now pay $4 per American Depository Share. As of July 31, 2017, the parties entered into an amendment wherein the buyer group will pay $4.10 per American Depository Share to acquire the remaining 66.82% stake in AirMedia Group Inc. AirMedia will pay a termination fee of $2.66 million. The buyer group will pay a termination fee of $5.32 million. As of July 31, 2017, the buyer group will now pay termination fees of $10.64 million. The buyer group includes, Dan Shao, the wife of Herman Man Guo, Qing Xu who is member of the Board of Directors and Executive President of AirMedia Group and James Zhonghua Feng, who is member of the Board of Directors and President of AirMedia Group. The buyer group already own approximately 43.58 million shares or 21.79 million ADRs in AirMedia Group Inc. Herman Man intends to fund the consideration with a combination of debt and equity capital. Go-Shop is authorized by the special committee. As on September 29, 2015, Herman Man Guo intends to fund the transaction from the proceeds of a loan to be provided by China Merchants Bank Co., Ltd., pursuant to a debt commitment letter dated September 29, 2015. As of July 31, 2017, the buyer group intends to fund the transaction from the proceeds of a loan facility to be provided by China Merchants Bank Co., Ltd., New York Branch. The senior secured term loan facility of $280 million. The buyer group will obtain up to $220 million under a senior secured term loan facility. The Board has formed a special committee comprised of three independent and disinterested directors, Messrs. Conor Chia-hung Yang, Shichong Shan and Songzuo Xiang. The special committee plans to retain legal and financial advisors to assist it in evaluating the transaction. The transaction is subject to a number of conditions, including, among other things, the negotiation and execution of a definitive merger agreement. James Zhonghua Feng withdrew from the consortium on September 18, 2015. The transaction is also subject to approval from dissenting shareholders of AirMedia. The Board of Directors of AirMedia, on unanimous recommendation of a special committee of the Board, approved the transaction and has resolved to recommend that shareholders vote to authorize and approve the transaction. As of June 27, 2016, an amendment was signed under which agreement can be terminated if not completed by June 28, 2016. Amendment entered on December 19, 2016, extends this termination date from December 31, 2016 to June 30, 2017. As of June 28, 2017, an amendment agreement was entered into, whereby the transaction is now expected to close on or before July 31, 2017. As of November 16, 2017, the transaction is expected to be completed by last calendar quarter of 2017. Duff & Phelps, LLC and Duff & Phelps Securities, LLC acted as financial advisor while David Zhang, Jesse Sheley and Amie Tang of Kirkland & Ellis International LLP acted as legal advisor for AirMedi and its special committee. Maples and Calder and Commerce & Finance Law Offices acted as legal advisors for AirMedia. Duane Morris & Selvam LLP acted as legal advisor for Duff & Phelps. Z. Julie Gao and Haiping Li of Skadden, Arps, Slate, Meagher & Flom LLP, Zhong Lun Law Firm, and Travers Thorp Alberga acted as legal advisors for buyers. JPMorgan Chase Bank, N.A., New York Branch acted as the depository for AirMedia Group Inc. Duff & Phelps will get an advisory fee of $0.4 million consisting of a nonrefundable retainer of $0.23 million payable upon engagement, and $0.25 million payable upon Duff & Phelps informing the special committee that it is prepared to render the opinion. Duff & Phelps Securities, LLC will get an advisory fee of $0.1 million. Herman Man Guo, Chairman of the Board and Chief Executive Officer of AirMedia Group, Dan Shao along with the management of AirMedia Group cancelled the acquisition of the remaining 63.66% stake in AirMedia Group Inc. (NasdaqGS:AMCN) from CDH China Growth Capital Fund II, L.P., managed by CDH Investments, and others for December 27, 2017.