Chinese digital media company Focus Media Holding Ltd. says it received a proposal from a group of investors including its chief executive to buy the company and take it private in a cash deal that values the company at $3.49 billion.
The group includes affiliates of FountainVest Partners, The Carlyle Group, CITIC Capital Partners, CDH Investments and China Everbright Ltd., with Focus Chairman and CEO Jason Nanchun Jiang.
In its letter, the group offers to acquire all shares not currently owned by its chairman for $27 per U.S. share or $5.40 per ordinary share. The offer represents a 15 percent premium over Focus' Friday closing U.S. share price. Focus shares rose 9 percent.
The company said its board has formed a committee of independent directors to consider the offer.