$NQ,...NQ receives FL Mobile merger offer; shares +14.3% AH
Along with its results, NQ Mobile announces it has signed an MOU with Hong Kong-listed Chinese apparel retailer Tack Fiori, under which Tack proposes to buy NQ's FL Mobile game-publishing unit for $570M-$630M in stock.
The shares would be issued at a price representing a 10%-20% discount to Tack's average closing price over the 30 trading days prior to the signing of the MOU. With Tack having a $666M market cap as of today's close, the deal would make NQ Tack's controlling shareholder.
NQ previously sold a 3.58% stake in FL to Bison Capital for $15M, and a 0.92% stake to other investors for $3.85M.
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