- Acorn International (NYSE:ATV) has received a preliminary non-binding proposal from Mr. Robert W. Roche, Executive Chairman of the company, to acquire all of the outstanding shares not already owned by the Buyer Vehicle at $15.22/ADS, or $0.761/share in cash.
- As per the proposal, it is anticipated that the Buyer Vehicle or its shareholders will control ~75% of the outstanding shares of the company.
- The proposed acquisition is expected to be funded through borrowing from third parties in the form of debt.
- The special committee of the board will review the proposal