Sound Group Limited, Wen Yibo, Zhang Huiming, Tang Lianfang, and Zhang Linmao made an offer to acquire remaining 43.8% stake in Sound Global Ltd (SGX:E6E) for approximately SGD 400 million on June 28, 2013. Under the terms of tender offer, buyer group will acquire 564.98 million shares of Sound Global Ltd for SGD 0.70 per share. Wen Yibo is the Executive Director and Chairman of Sound Global. The deal is conditional upon execution of definitive documentation, obtaining financing, approval from relevant authorities including Stock Exchange of Hong Kong Limited, Singapore Exchange Securities Trading Limited, Industry Council, Hong Kong Securities, Futures Commission, de-listing approval, approval by a majority of at least 75% of Sound Global's shareholders and approval by Sound Global's Board.

The offer shall commence on the date of dispatch of offer letter, and will close 14 days after the fulfillment of conditions. The consideration in respect of acceptances of offer will be made within the earlier of seven business days and ten calendar days of the date on which valid acceptances in respect of the offers is received or the condition are satisfied, whichever is the later. Shareholders holding 175.5 million shares have agreed not to accept the offer. Accordingly, maximum amount of cash consideration payable in connection with the offer is approximately SGD 326.65 million, which will be funded through bank borrowings. The buyer group intends to preserve the listing status of Sound Global on the stock exchange following the completion of offer and does not intend to exercise any rights of compulsory acquisition.

An Independent Board Committee of all the independent non-executive Directors has been established to advise and make its recommendation on the offer. The offer is subject to fulfillment of conditions by no later than last stop date of March 10, 2014. If the conditions are not fulfilled by March 10, 2014, the offer shall lapse. On November 28, 2013, SGX-ST, advised that it has no objection to the delisting. The circular was despatched to shareholders on November 29, 2013. As of January 3, 2014, the proposed delisting offer was approved by Sound Global Ltd shareholders. The last of trading in the shares on the Singapore and Hong Kong stock exchanges would be January 13, 2014.

CIMB Securities (Singapore) Pte Ltd. and CIMB Securities (HK) Limited acted as financial advisors for Sound Group Limited. Grenville Thynne, Andrew Lau, Weiling Lin, Ian Wee and Henry Xu of ING Bank N.V., Singapore Branch acted as financial advisor for Independent Board Committee of Sound Global. Stamford Law Corporation and Deacons acted as the legal advisors, Tricor Investor Services Limited and Boardroom Corporate & Advisory Services Pte. Ltd. acted as the registrar for Sound Global Ltd.

Sound Group Limited, Wen Yibo, Zhang Huiming, Tang Lianfang, and Zhang Linmao completed the acquisition of 1.72% stake in Sound Global Ltd (SGX:E6E) for SGD 15.5 million on January 17, 2014.