Updated: ChinaGrowth South Acquisition Corporation SPAC to Purchase Olympia Media Holdings for $56.4 million; Sets Vote date
ChinaGrowth South Acquisition Corporation SPAC (one of a pair of $36 million SPACs targeting Chinese acquisitions north and south of the Yangtze River) announced on December 19, 2009 that it had executed a share purchase agreement with Olympia Media Holdings Limited, a Chinese print media concern. The Olympia is a Chinese print media network that uses 13 newspapers with average daily circulation of approximately 3 million reaching 17 cities.
The upfront transaction value, assuming an $8.05 share price, is $56.4 million including the escrowed shares and $24.2 million excluding escrowed shares (ChinaGrowth’s management has agreed to put 562,500 or 50% of its promote shares into escrow).
Update: The shareholder vote will be held at 11 a.m. New York time, on January 23, 2009, at the offices of DLA Piper LLP
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