Focus Media Holding Limited (NASDAQ: FMCN) announced today that it has been combined with Giovanna Acquisition Limited (hereinafter Merger Sub) according to a merger plan issued on December 19, 2012.
Thus Focus Media has become a wholly-owned subsidiary of Giovanna Parent Limited, signifying that the former has been privatized.
Focus Media also said that it has asked to cease trading ADSs through the NASDAQ. The deal mentioned before has been the largest leveraged buyout in mainland China.
Focus Media announced on August 14, 2012 that an offer concerning the privatizing acquisition had been issued by a consortium consisting of Carlyle Group, LP (NASDAQ:CG), Focus Media CEO Jason Jiang, CITIC Capital Holdings Limited (CITIC Capital) and some individuals. The acquisition price then was USD 27 per ADS, and Focus Media was estimated at USD 3.5 billion.