SHANGHAI, April 22, 2013 /PRNewswire/ -- Focus Media Holding Limited (the "Company" or "Focus Media") (Nasdaq: FMCN) is pleased to announce that Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co., LLC ("Glass Lewis") have recommended that Focus Media shareholders vote for approval of the Company's agreement and plan of merger (the "Merger Agreement") dated December 19, 2012 with Giovanna Parent Limited ("Parent") and Giovanna Acquisition Limited, pursuant to which Parent will acquire Focus Media (the "Transaction") for US$5.50 per ordinary share of the Company (a "Share") or US$27.50 per American depositary share, each representing five Shares (an "ADS"). ISS and Glass Lewis are leading independent international proxy advisory firms and their voting analyses and recommendations are relied upon by thousands of major institutional investment firms, mutual funds and fiduciaries throughout the world. The Company's extraordinary general meeting of shareholders (the "Shareholder Meeting") to consider and vote on, among other things, the Merger Agreement and the Transaction will be held on Monday, April 29, 2013 at 10:00 a.m. Hong Kong Time at 26th Floor, Gloucester Tower, The Landmark, 15 Queen's Road Central, Hong Kong. Record holders of Shares on the close of business in the Cayman Islands on April 17, 2013 or their proxy holders are entitled to vote at this meeting. ADS holders are reminded that the deadline to vote is 10:00 a.m. New York City Time on Friday, April 25, 2013. The Company's shareholders and ADS holders are encouraged to read the Company's definitive proxy materials in their entirety as they provide, among other things, important information regarding the Merger Agreement and the Transaction. The Company has also retained MacKenzie Partners, Inc. as its proxy solicitor to assist it in connection with its upcoming Shareholder Meeting. Shareholders and ADS holders who have questions about the Merger Agreement or the Transaction, need additional copies of the Company's proxy materials, or need assistance in voting their shares are encouraged to contact MacKenzie Partners by email at firstname.lastname@example.org or by phone at +1(800) 322-2885 (toll free) or at +1(212) 929-5500 (outside of the United States). If shareholder approval of the Merger Agreement and the Transaction is obtained at the Shareholder Meeting, the Transaction is expected to close shortly thereafter. Upon the completion of the Transaction, the Company will become privately held, and its ADSs will no longer be listed on the NASDAQ Global Select Market.
Focus Media (Nasdaq:FMCN) hit a new 52-week high Friday as it is currently trading at $27.41, above its previous 52-week high of $27.32 with 749,097 shares traded as of 2:35 p.m. ET. Average volume has been 1.4 million shares over the past 30 days.
Focus Media (Nasdaq:FMCN) hit a new 52-week high Monday as it is currently trading at $26.91, above its previous 52-week high of $26.90 with 1.3 million shares traded as of 3:25 p.m. ET. Average volume has been 1.6 million shares over the past 30 days.