New York, 23rd May: Earlier this week, NASDAQ-listed Global Sources announced the company has entered into an agreement “of amalgamation with Expo Holdings I Limited and Expo Holdings II Limited.”
Initially, it was announced that under the terms of the agreement, all outstanding shares of Global Sources would be converted into the right to receive US$18.00 per share when the deal closes. Then later in the week, Global Sources announced that it had received another third party offer for US$20 per share.
After the deal is approved, Global Sources will become a privately-held company and will be delisted from NASDAQ. After the privatisation, the new controlling shareholder will be The Blackstone Group, a U.S.-based private equity and asset management company with more than US$368 billion under management.