MediaShift Holdings, Inc. agreed to acquire substantially all assets from MediaShift, Inc. (OTCPK:MSHF.Q) for $11.8 million.
December 21, 2015
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MediaShift Holdings, Inc. agreed to acquire substantially all assets from MediaShift, Inc. (OTCPK:MSHF.Q) for $11.8 million on December 14, 2015. The purchase price includes a credit bid of $11.07 million in prepetition debt and debtor-in-possession loan claims and a $0.7 million cash payment. The competing bidders would need to offer $12.27 million by January 21, 2015. MediaShift Holdings would be entitled to expense reimbursement up to a $0.2 million cap if the winning offer from a third party exceeded MediaShift Holdings' bid by $5 million. In case a rival bid is received, auction will take place on January 25, 2015. Sandra R. Klein of the U.S. Bankruptcy Court for the Central District of California will consider the sale on January 27, 2015.
The Board of Directors of both MediaShift Holdings and MediaShift has approved the deal. As of December 30, 2015, bankruptcy court approved the bidding procedures for the sale of the assets As of January 27, 2016, the transaction was approved by the bankruptcy court. Uzzi O. Raanan and Zev Shechtman of Danning, Gill, Diamond & Kollitz LLP acted as legal advisor to the committee of unsecured creditors. Todd M. Arnold and Ron Bender of Levene, Neale, Bender, Yoo & Brill LLP acted as legal advisor for MediaShift. Houlihan Lokey Capital Inc. acted as financial advisor for MediaShift, Inc. Marc A. Leaf of Drinker Biddle & Reath LLP acted as legal advisor to MediaShift Holdings.
China Yanyuan Yuhui National Education Group, Inc. is a national education institution, which is focused on family culture education in China. The Company, through its Internet education platform, Yuhuibang, provides both online and offline comprehensive education services covering three education scenes of school, society and family. The Company also provides services for other education and training institutions. The Company enables social education to help build family culture and promotes the change of education concepts within the context of family culture education and builds an Internet and education technology operation platform. Its subsidiaries include China Yanyuan Yuhui Intl Education Group Limited, Yanyuan Yuhui Education Technology (Hong Kong) Co., Ltd., Yanyuan Yuhui (Beijing) Technology Co., Ltd. and others.