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ISoftStone reports receipt of non-binding proposal to buy Co. at $5.85/ADS

isoftstone-holdings-ltd-logoFrom RTT News

iSoftStone Holdings Ltd. (ISS: Quote), a China-based IT services provider, said its board has received a preliminary non-binding proposal letter, dated June 6, 2013, from Tianwen Liu, the company’s CEO and the chairman of its board, and ChinaAMC Capital Management Ltd., an alternative investment platform incorporated as per the laws of the Cayman Islands and an affiliate of China Asset Management (Hong Kong) Ltd., which in turn is an unit of China Asset Management Co., Ltd.

According to the proposal letter, the Buyer Group is interested in buying all of the company’s outstanding ordinary shares, including ordinary shares represented by the company’s American depositary shares or “ADSs”, at $0.585 in cash per ordinary share or $5.85 in cash per ADS.

The Buyer Group’s proposal letter states that it plans to finance the proposed transaction with a combination of debt and equity capital. Further, the proposal letter specifies that the Buyer Group’s proposal constitutes only a preliminary indication of its interest, and is subject to negotiation and execution of definitive deals on the proposed transaction.

Pursuant to the proposal letter, Cleary Gottlieb Steen & Hamilton LLP is acting as U.S. counsel to the Buyer Group. O’Melveny & Myers LLP is the Company’s U.S. counsel.

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