AirMedia Extends Merger Termination Date To Consider Revised Proposal

(RTTNews) - AirMedia Group Inc. (AMCN) announced it has entered into Amendment No. 3 to the Merger Agreement, dated September 29, 2015, by and among the company, AirMedia Holdings Ltd. and AirMedia Merger Company Limited, a subsidiary of AirMedia Holdings. Under the terms of the Merger Agreement, either the company or AirMedia Holdings could terminate the agreement if the merger has not been completed by June 30, 2017. The Merger Agreement Amendment No. 3 extends the termination date to July 31, 2017

The special committee of the Board has received a proposed amendment to the merger agreement from Herman Guo Man, Dan Shao and Qing Xu on May 23, 2017 to: acquire all of the outstanding shares of the company not already owned by the Buyer Group for $4.00 per American Depositary Share or $2.00 per ordinary share in cash; and extend the termination date to December 31, 2017. The company said the Special Committee is evaluating the revised proposal with the assistance of its financial and legal advisors.