Reuters: Mergers News: UPDATE 1-China TransInfo accepts CEO's go-private offer

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-China TransInfo accepts CEO's go-private offer Jun 8th 2012, 11:04 Fri Jun 8, 2012 7:04am EDT June 8 (Reuters) - China TransInfo Technology Corp, which makes 2D and 3D geography information system software for the Chinese government, agreed to be taken private by its CEO and his affiliates in a deal that values it at about $146.6 million. CEO Shudong Xia, who already owns 27.8 percent of the company, offered to buy the rest of the stock for $5.80 per share, a 28.3 percent premium to the stock's Thursday close. Shares of the company, which has a market value of $114.2 million, were up 18 percent in premarket trading on Friday. Shudong offered $5.65 per share on Feb. 21. China TransInfo said it will be a wholly owned unit of TransCloud, a shell company Shudong owns. TransCloud will fund the acquisition through a loan secured from China Development Bank Corporation.

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