Focus Media Holding's (FMCN) 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), 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.
