China Television Media Ltd cancelled the acquisition of Jinyingma Media Co., Ltd. from an investment company, Teng Zhang and 23 individuals.
November 22, 2013 at 11:00 pm
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China Television Media Ltd (SHSE:600088) agreed to acquire Jinyingma Media Co., Ltd. from an investment company, Teng Zhang and 23 individuals for CNY 1 billion in cash and stock on June 27, 2013. As a part of consideration, China Television Media will issue 68.9139 million new shares in total for CNY 13.35 per share and pay CNY 100 million cash to the investment company and 24 individuals. Sellers includes Teng Zhan, Liu Jianli, Li Zengfu, Geng Shuangshuang, Hou Lijuan, Zhao Jianqi, An Jun, Yang Li, Wang Hong, Jing Gang, Guo Hong, Chan Zhikang, Yan Jing, Tian Yuanhong, Jiang Mei, Zhang Yuliang, Zhang Jintong, Zhang Jinshan, Jin Shuyun, Song Xiangyun, Liu Jing, Ren Zhengbin and Xie Lan. China Television Media Ltd is paying cash of CNY 63 million, CNY 5 million, CNY 2 million and CNY 30 million to Teng Zhan, Liu Jianli, Hou Lijuan and Yang Li respectively. China Television Media will pay the payments within 120 days after the acquisition agreement becomes effective. China Television Media will also issue up to 28.31 million new shares for not less than CNY 12.01 per share, to raise up to CNY 340 million in total to up to 10 investors through a private placement. The cash consideration will be funded by raising no more than 25% of purchase funds from issuing shares to 10 designated investors through private placement.
China Television Media and the intermediaries engaged by it are carrying out due diligence, audit and appraisal of Jinyingma Entertainment; meanwhile, in-depth demonstration on the details of the reorganization scheme is still being conducted by all sides in the transaction. China Television Media will hold a Directorate meeting to discuss the significant assets reorganization scheme. The transaction requires the approval from the Ministry of Finance and the China Securities Regulatory Commission. As of August 28, 2013, the transaction has been approved by Board of Directors of China Television Media Ltd. China International Capital Corp. Ltd. acted as financial advisor for China Television Media.
China Television Media Ltd (SHSE:600088) cancelled the acquisition of Jinyingma Media Co., Ltd. from an investment company, Teng Zhang and 23 individuals on November 23, 2013
China Television Media, Ltd. is a China-based company principally engaged in the movies and televisions (TVs) businesses. The movies and TV related businesses mainly include the development and operations of movies and TV bases, the producing and publishing of movies and TV dramas, among others. The Company is also involved in the advertising businesses, as well as the movies and TV bases tourism businesses. Besides, the Company is also engaged in the provision of related technology services through its subsidiaries.