China Security & Surveillance Technology, an integrated surveillance and safety solutions provider in China, announced that its Board of Directors has received a preliminary, non-binding letter from its Chairman and CEO, Guoshen Tu, which stated that Tu is considering the feasibility of developing a proposal to acquire all of the outstanding shares of common stock of CSST not currently owned by Tu in a going private transaction. Tu stated in the letter that "the amount of the purchase price has not been determined, but my firm expectation is that it will not exceed US$6.50 per share," Tu currently owns approximately 20.9 percent of CSST’s common stock.
China Security & Surveillance Technology, an integrated surveillance and safety solutions provider in China, announced that its Board of Directors has received a preliminary, non-binding letter from its Chairman and CEO, Guoshen Tu, which stated that Tu is considering the feasibility of developing a proposal to acquire all of the outstanding shares of common stock of CSST not currently owned by Tu in a going private transaction. Tu stated in the letter that "the amount of the purchase price has not been determined, but my firm expectation is that it will not exceed US$6.50 per share," Tu currently owns approximately 20.9 percent of CSST's common stock.
CSST's Board of Directors intends to form a special committee of independent directors to consider Tu's interest and any proposal made by him and the Special Committee will be authorized to retain independent legal and financial advisors to assist it. There can be no assurance that any proposal for a transaction will be made that any agreement will be approved or executed or that any transaction will be consummated.