Chinese display-advertising provider Focus Media Holding Ltd said on Wednesday it agreed to be bought by a consortium of private equity funds led by Carlyle Group, for about $3.6 billion. The offer of $27.50 per American depositary share, each representing five ordinary shares, represents a premium of 15 percent to the ADS's Tuesday closing.
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 6.98% or $1.67/share to $25.58. 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 606955.
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