Charm Communications CFO Wei Zhou To Step Down

(RTTNews) - China-based advertising agency Charm Communications Inc. (CHRM) announced Monday that its chief financial officer, Wei Zhou, will be leaving the company to pursue other initiatives at the expiration of his employment contract, effective November 1, 2013.

Going forward, Cindy Wang, Charm's vice president of finance, will manage the company's daily financial operations, reporting directly to the Company's chief executive officer.

On Friday, the company said that it formed a special committee of its board of directors to evaluate a "going private" proposal that it received from a consortium led by the company's founder and chief executive officer He Dang.

The company said in late-September 2013 that it received a preliminary non-binding proposal from a consortium led by Dang to take the company private for $4.70 in cash per American Depositary Share or ADS of the company. The consortium comprises Dang, two companies in the British Virgin Islands that are controlled by Dang - Honour Idea Ltd and Merry Circle Trading Ltd - and China-focused private equity firm CMC Capital Partners HK Limited.

The consideration payable for each ADS, representing two Class A ordinary shares, will be $4.70 in cash, or $2.35 in cash per Class A ordinary share. The consideration payable for each Class B ordinary share of the company will also be $2.35 in cash. The offer price represented a 17.2 percent premium to Charm Communications' closing stock price of $4.01 per share on September 27, 2013.