UTStarcom Special Committee Appoints Financial Advisor
BEIJING, April 26, 2013
BEIJING, April 26, 2013 /PRNewswire/ --UTStarcom Holdings Corp. ("UTStarcom"
or the "Company") (NASDAQ: UTSI), a leading provider of media operational
support services and broadband equipment products and services, today
announced that a special committee of independent directors of the Company's
board of directors (the "Special Committee") has selected Citigroup Global
Markets Inc. as its financial advisor.
As previously announced, the Company's board of directors formed the Special
Committee to consider a "going-private" transaction (the "Transaction") for
$3.20 in cash per ordinary share, proposed by one of the directors of the
Company, Mr. Hong Liang Lu and his affiliates, and Shah Capital Opportunity
Fund LP and Himanshu H. Shah, in a preliminary non-binding proposal letter,
dated March 27, 2013.
Citigroup Global Markets Inc. will assist the Special Committee in its work in
connection with the Transaction. No decisions have been made by the Special
Committee with respect to the Company's response to the Transaction. There can
be no assurance that any definitive offer will be made, that any agreement
will be executed or that this or any other transaction will be approved or
consummated. The Company does not undertake any obligation to provide any
updates with respect to this or any other transaction, except as required
under applicable law.
About UTStarcom Holdings Corp.
UTStarcom is focused on providing next generation media operational support
services in the rapidly growing markets for TV over IP services and broadband
equipment products and services. UTStarcom is committed to meeting the
evolving needs of cable and broadband service providers to enable a more
personalized entertainment experience. The Company sells its media operational
support services and broadband equipment products and services to operators in
both emerging and established broadband and cable markets around the world.
UTStarcom was founded in 1991 and has traded on NASDAQ in 2000. It has
operational headquarters in Beijing, China and research and development
operations in China and India. In 2011, the Company deployed a revamped growth
strategy that concentrates on providing media operation support services. For
more information about UTStarcom, visit the Company's Web site at
SOURCE UTStarcom Holdings Corp.
Contact: Jing Ou-Yang, UTStarcom Holdings Corp.,+86-10-8520-5153,
email@example.com or May Shen (Beijing), +86-10-8591-1951,
May.Shen@fticonsulting.com, or Daniel DelRe (Hong Kong), +852-3768-4547,
Daniel.DelRe@fticonsulting.com, or Eric Boyriven (New York), +212-850-5671,
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