News
China's Focus Media buying back U.S. $200 million in shares
September 20, 2010
Shanghai — Chinese digital media group Focus Media Holding Ltd. recently announced that it has an agreement to repurchase shares from shareholder Fosun International.
The agreement will see Focus Media repurchase from Fosun International 9,523,810 American Depository Shares (ADSs), each representing five ordinary shares of Focus Media, at a price of U.S. $21 per ADS (or US $4.20 per ordinary share), totaling $200 million through a privately negotiated transaction.
Inclusive of this block repurchase, Focus Media has to date spent approximately $237 million, cumulatively, in share repurchases on its previously announced share repurchase program. ADSs and ordinary shares are cancelled, subject to customary cancellation procedures, upon repurchase.
"Repurchasing shares is part of Focus Media's continued commitment to enhance shareholder return on equity. This block repurchase helps Focus Media to accelerate our share repurchases," Focus Media chairman and CEO Jason Jiang said in the announcement.
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