Linktone Selling Majority Stake To Indonesia’s PT Media Nusantara Citra

Two days after receiving a minority stake investment offer from CDC Corp. and a PE firm, Chinese wireless VAS provider Linktone has announced that Indonesian integrated media company PT Media Nusantara Citra (MNC) intends to purchase a majority stake in the company. The offering price of $3.80 per share represents a 53.8 percent premium over Tuesday’s close. MNC plans to fund the purchase of up to 57 percent of Linktone with its own cash. Linktone (NSDQ: LTON) CEO Michael Li said the deal will help it bolster its cash and enable it to expand aggressively. With the deal, the companies plan to pursue joint initiatives in China as well as other Asian countries. The offer, which is expected to close in Q108, is subject to regulatory and shareholder approval. Release | Webcast

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