Sky-mobi Gets Non-Binding Going Private Proposal At US$2.10/ADS

(RTTNews) - Sky-mobi Limited (MOBI), a mobile application platform and game publisher in China, announced that its board has received a non-binding proposal letter, dated the date hereof, from Michael Tao Song, chairman and chief executive officer of Sky-mobi, Xplane Limited and Mobi Joy Limited or collectively, the "Buyer Group", proposing a "going-private" transaction to acquire all of the outstanding common shares of Sky-mobi not already owned by the Buyer Group for US$2.10 in cash per American depositary share, each representing eight common shares.

The proposed purchase price represents a premium of about 19.3% to the closing trading price of the Company's ADSs on June 22, 2016, the last trading day prior to the date hereof.

The Buyer Group beneficially owns an aggregate of about 54.3% of the Company's issued and outstanding common shares.