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UTStarcom Special Committee Names Financial Advisor [Manufacturing Close - Up](Manufacturing Close - Up Via Acquire Media NewsEdge) UTStarcom Holdings Corp., a provider of media operational support services and broadband equipment products and services, announced that a special committee of independent directors of the Company's board of directors has selected Citigroup Global Markets Inc. as its financial advisor. As previously announced, the Company's board of directors formed the Special Committee to consider a "going-private" transaction (the "Transaction") for $3.20 in cash per ordinary share, proposed by one of the directors of the Company, Hong Liang Lu and his affiliates, and Shah Capital Opportunity Fund and Himanshu H. Shah, in a preliminary non-binding proposal letter, dated March 27. According to a release, Citigroup Global Markets Inc. will assist the Special Committee in its work in connection with the Transaction. No decisions have been made by the Special Committee with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law. UTStarcom is focused on providing next generation media operational support services in the markets for TV over IP services and broadband equipment products and services. U More Information: http://www.utstar.com ((Comments on this story may be sent to [email protected])) (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |