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Last $1.88 USD
Change Today +0.02 / 1.08%
Volume 194.2K
CTCM On Other Exchanges
As of 8:10 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

ctc media inc (CTCM) Key Developments

UTH Enters Into Exclusivity Period For Acquisition Of 75% Stake In CTC Investments

CTC Media, Inc (NasdaqGS:CTCM) and UTH Russia entered into a letter agreement on July 17, 2015 and countersigned by UTH on July 23, 2015, granting UTH a period of exclusivity during which UTH will have the exclusive right to negotiate with CTC Media regarding a proposed acquisition by UTH of 75% of the outstanding participation interests in CTC Investments, LLC. The exclusivity period under the letter agreement will terminate on September 30, 2015. The exclusivity period will terminate earlier in the event that UTH ceases to purse the transaction or CTCM receives an unsolicited superior proposal in respect of a competing transaction. In the event CTCM receives such a superior proposal, UTH would have a right to match the material terms of such proposal; in addition, CTCM would have an obligation to reimburse UTH for its transaction-related expenses to date. CTC and UTH also agree that any binding agreement in respect of the Possible Transaction will provide that, in the event that CTCM terminates such binding agreement in order to pursue a superior proposal prior to the date on which CTCM’s stockholders approve such transaction, CTCM will pay to UTH $5 million and cash in an amount equal to all of the third-party fees and expenses actually incurred to the date of termination by or on behalf of UTH in connection with the transaction.

CTC Media, Inc, Q2 2015 Earnings Call, Jul 29, 2015

CTC Media, Inc, Q2 2015 Earnings Call, Jul 29, 2015

CTC Media, Inc to Report Q2, 2015 Results on Jul 29, 2015

CTC Media, Inc announced that they will report Q2, 2015 results at 12:37 PM, GMT Standard Time on Jul 29, 2015

UTH Russia Made An Offer To Acquire CTC Media's Russian (and Kazakhstan) Business Operations

CTC Media, Inc (NasdaqGS:CTCM) announced that it has received a formal, non-binding offer from UTH Russia, a privately held Russian commercial television broadcasting group, for the purchase of a 75% interest in the CTC Media's Russian (and Kazakhstan) business operations. The CTC Media Board of Directors has appointed a Special Committee composed of independent directors to review and evaluate this offer, consisting of Werner Klatten (Chairman), Tamjid Basunia and Jean-Pierre Morel. The Board of Directors and the Special Committee have each reviewed the offer and believe that it is appropriate to seek to negotiate the final terms and definitive documentation in respect of the proposed transaction. The Special Committee has agreed to grant a period of exclusivity to UTH, during which the parties will seek to agree the definitive terms of the transaction. If ultimately recommended by the Special Committee and approved by the Board of Directors, the transaction would be submitted to CTC Media's stockholders for approval. Pursuant to the non-binding offer, UTH would acquire a 75% interest in the Company’s operating businesses, on a cash- and debt-free basis, for $200 million in cash. Following this transaction, the direct and indirect ownership of the group’s operating businesses in Russia would comply with the Russian law requirement that at least 80% of the ultimate beneficial ownership and control of the businesses is held by Russians by the stated deadline of January 1, 2016.

Rostelecom Not In Talks To Purchase CTC Media

Open Joint Stock Company Long-Distance and International Telecommunications Rostelecom (MICEX:RTKM) is not negotiating to buy CTC Media, Inc (NasdaqGS:CTCM), Sergei Kalugin, Rostelecom President, said. "We are not conducting talks," Kalugin said.


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