It’s curtain time for Bona Film’s U.S. listing.
One of China’s leading movie producers and distributors is planning to go private with the help of shareholder Fosun International and private equity firm Sequoia Capital, according to China Money Network.
Fosun, Sequoia and Bona Film CEO and chairman Yu Dong are offering to acquire the shares they do not already own at $13.7 apiece in cash, a 23.6% premium above the film outfit’s average closing price on its ADRs over the last 30 tradind days before the announcement, China Money Network said.
The company distributes films to Greater China, Korea, Southeast Asia, the U.S. and Europe, as well as invests in and produces movies, according to its website. It owns and operates 20 movie theaters and manages a range of talented and popular Chinese artists.
Bona is certainly not the first, nor the last Chinese company to delist in the U.S.
The Wall Street Journal reported that 11 Chinese firms are planning to delist their shares in the U.S. That’s up from just one last year.
Photo credit: Jonathan Kos-Read via Flickr