Focus Media Holding's (FMCN +0.00%) board has accepted a bid to go private, the company announced in a press release. It has given the nod to an offer from a consortium of investors led by the firm's chairman and CEO that values its Nasdaq-listed American Depositary Shares at $27.50 apiece and the underlying stock at $5.50. The total price amounts to over $3.7 billion.
If realized, the buyout would be the largest ever for a company based in China.
The investor consortium includes Carlyle Group (CG +0.00%), which has been active in mergers and acquisitions activity in the country. The buyout offer must now be approved by at least two-thirds of the company's shareholders.
