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GIGM - - Press ReleaseSource: GigaMedia Limited
Management Group Offers to Purchase GigaMedia
Friday March 21, 5:54 am ET
TAIPEI, Taiwan, March 21 /PRNewswire-FirstCall/ -- GigaMedia Limited ("GigaMedia") (Nasdaq: GIGM, www.giga.net.tw), a diversified provider of online and offline entertainment services in Taiwan, today announced its board of directors has received a formal offer from GigaMedia's management group, comprised of all seven senior officers of the company, to purchase all of the shares of the company for $1.20 per share.
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The proposed management buy-out would be implemented pursuant to a scheme of arrangement as provided under Singapore law and is contingent upon certain conditions as specified in the offer letter, including the ability of the management team to secure funding. GigaMedia's board of directors has formed a special committee made up of three directors and Nelson Chang, chairman of GigaMedia, to review the offer made by GigaMedia management.