BEIJING, June 28, 2017 /PRNewswire/ -- AirMedia Group
Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of
out-of-home advertising platforms in China targeting mid-to-high-end consumers as
well as a first-mover in the travel Wi-Fi market, today announced
that on June 28, 2017, it entered
into Amendment No. 3 to the Agreement and Plan of Merger (the
"Merger Agreement Amendment No. 3") to amend that certain Agreement
and Plan of Merger (the "Merger Agreement"), dated September 29, 2015, as amended, by and among the
Company, AirMedia Holdings Ltd. ("Parent") and AirMedia Merger
Company Limited, a wholly owned subsidiary of Parent.
The special committee (the "Special Committee") of the Board of
Directors (the "Board") of the Company received a proposed
amendment (the "Revised Proposal") to the Merger Agreement from
Mr. Herman Guo Man,
Ms. Dan Shao and Mr. Qing Xu (collectively, the "Buyer
Group") on May 23, 2017 to (a)
acquire all of the outstanding shares of the Company not already
owned by the Buyer Group for US$4.00
per American Depositary Share or US$2.00 per ordinary share in cash, and (b)
extend the Termination Date to December 31,
2017. The Special Committee is evaluating the Revised
Proposal with the assistance of its financial and legal
advisors.
Under the terms of the Merger Agreement, either the Company or
Parent could terminate the Merger Agreement if the merger
contemplated by the Merger Agreement has not been completed by
June 30, 2017 (the "Termination
Date"). The Merger Agreement Amendment No. 3 extends the
Termination Date to July 31, 2017 so
as to give the Special Committee sufficient time to consider the
Revised Proposal. The Special Committee cautions the
Company's shareholders and others considering trading in the
Company's securities that no decision has been made by the Special
Committee or the Board with respect to the Revised Proposal.
There can be no assurance that any definitive offer will be made or
any agreement will be executed with respect to the Revised Proposal
or that this or any other transaction will be approved or
consummated.
About AirMedia Group Inc.
AirMedia Group Inc. (Nasdaq: AMCN) is an operator of out-of-home
advertising platforms in China
targeting mid-to-high-end consumers as well as a first-mover in the
travel Wi-Fi market. AirMedia sells advertisements on the routes
operated by several Chinese airlines and at Sinopec's service
stations in China. AirMedia also
has concession rights to operate the Wi-Fi systems on trains
administered by eight railway administrative bureaus in
China as well as on many long-haul
buses in China.
For more information about AirMedia, please visit
http://www.airmedia.net.cn.
Investor Contact:
Richard Wu
Chief Financial Officer
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@ihangmei.com
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SOURCE AirMedia Group Inc.