Sungy Mobile Receives $4.90/ ADS Preliminary Non-Binding Going-Private Proposal

(RTTNews) - Sungy Mobile Ltd. (GOMO) said Monday that its board of directors has received a preliminary non-binding proposal letter, dated April 13, from Yuqiang Deng, chairman and chief executive officer of Sungy Mobile, and Zhi Zhu, co-chief operating officer of the company.

According to the proposal letter, Deng and Zhu are interested in acquiring all of the company's outstanding ordinary shares that are not currently beneficially owned by them, including ordinary shares represented by the company's American depositary shares, each representing six Class A ordinary shares of the company, at a price of $4.90 in cash per ADS, or about $0.82 in cash per ordinary share.

Yuqiang Deng and Zhi Zhu plan to finance the proposed deal with debt capital. Yuqiang Deng and Zhi Zhu's proposal constitutes on a preliminary indication of their interest, and is subject to negotiation and execution of definitive agreements relating to the proposed deal.