AirMedia Group Announces Merger Agreement For Going Private Transaction

(RTTNews) - AirMedia Group Inc. (AMCN) announced a merger agreement with AirMedia Holdings Ltd. and AirMedia Merger Company Limited. AirMedia Holdings will acquire AirMedia Group for $3.00 per ordinary share or $6.00 per American depositary share, each representing two shares. The company's board approved the merger agreement.

Immediately after the completion of the transaction, AirMedia Holdings will be ultimately beneficially owned by Herman Guo Man, Dan Shao, Qing Xu (collectively, the "Buyer Group"), certain members of the management of AirMedia Group Inc. and a special purpose vehicle holding shares of AirMedia Holdings.

With respect to the previously announced sale of AirMedia Group Co., Ltd., the company said it has determined that shareholder approval is not required and it will proceed to the closing of such transaction.