Giant Network announces privatization Special Committee established

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December 4 Afternoon news, giant Network (NYSE:GA) yesterday on the official website issued a notice, the company's board of directors on November 26 set up a special committee to assess on November 25 received from the company's board of directors Shi Yuzhu and Baring investment in Asia (Baring privateequity Asia) (hereinafter referred to as "baring") a non-binding privatisation offer (hereinafter referred to as "the Offer").

Details of the announcement are as follows:

The Special Committee consists of three independent directors of the company, Peter Andrew Schloss, Yan and Jiangnan spring. Since its inception, the Special Committee has been conducting the selection and evaluation of legal and financial advisers and has appointed Fenwick & West LLP as its legal adviser to the United States. The Special Committee is still conducting a selection and evaluation of financial advisers to assist in the assessment of offers. In addition, the company has hired kilometre capital as its external strategic advisor.

As previously announced, the privatisation offer comes from a consortium of buyers comprising Shi Yuzhu, baring and other potential entities (if any). The buyer consortium plans to purchase all common shares of the company, including the common stock represented by the company depository Unit, at a price of USD 11.75 for each common stock or per share of the United States Depository Unit (the company each depository unit represents a common stock).

The Special Committee has no precise timetable for the assessment of the completion of the transaction or other transaction proposals, if any, unless an agreement is reached that does not plan to announce the relevant progress. There is no guarantee that any final offer will be formed or any final agreement to be signed on the transaction, or that the transaction or any other transaction will be approved.