Focus Media going private bid to be funded with debt and equity

By Sara Rosenberg

New York, Aug. 13 - Focus Media Holding Ltd. has received a buyout proposal that would be funded with new debt and equity, according to a news release.

Under the proposal, FountainVest Partners, the Carlyle Group, Citic Capital Partners, CDH Investments and China Everbright Ltd. and Jason Nanchun Jiang, chairman of the board and chief executive officer of Focus Media, are offering to buy the company for $27.00 in cash per American Depositary Share, or $5.40 in cash per ordinary share.

Citigroup Global Markets Asia Ltd., Credit Suisse AG, Singapore Branch and DBS Bank Ltd. have provided a letter to the consortium indicating that they are highly confident of their ability to fully underwrite the debt financing.

The company's board of directors has formed a committee of independent directors to consider the proposed transaction.

Focus Media is a China-based lifestyle targeted interactive digital media network.

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