Display-advertising provider Focus Media Holding Ltd said on Wednesday it had agreed to be acquired by a consortium led by Carlyle Group LP for about $3.7 billion in what would be the largest ever private equity deal in China.Leveraged buyouts backed by foreign private equity firms have been few and far between in China, a country famous for its capital controls and restrictive regulations. At least two thirds of Focus Media shareholders must now approve the deal.Focus Media, which operates advertising screens in offices, elevators and supermarkets across China, has faced persistent allegations from short-seller Muddy Waters that it overstated its assets and overpaid for acquisitions.This did not faze Carlyle and some of China's top private equity funds, which made an offer for the company in August together with the chief executive of the company, Jason Nanchun Jiang.
Shares of CG fell by 0.61% or $-0.16/share to $26.11. In the past year, the shares have traded as low as $20.00 and as high as $27.90. On average, 89155 shares of CG exchange hands on a given day and today's volume is recorded at 49186.
Focus Media Holding Limited (Focus Media) is a multi-platform digital media company, operating liquid crystal display (LCD) display network in the People?s Republic of China using audiovisual digital displays in commercial and residential locations. Shares of FMCN traded higher by 6.73% or $1.61/share to $25.52. In the past year, the shares have traded as low as $16.80 and as high as $30.08. On average, 1673020 shares of FMCN exchange hands on a given day and today's volume is recorded at 10651785.
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