On March 12, 2013 the Board of Directors of Camelot Information Systems Inc. (“Camelot” or the “Company”) received a preliminary non-binding proposal letter from the Chairman and Chief Executive Officer of the Company, Mr. Simon Yiming Ma, the President of the Company, Ms. Heidi Chou, and Executive Vice President and the Chief Executive Officer of CFITS, a subsidiary of the Company, Mr. Yuhui Wang (together with Mr. Ma and Ms. Chou, the “Buyer Group”), pursuant to which the Buyer Group proposes to acquire all of the outstanding shares of the Company not currently owned by the Buyer Group, their respective affiliates and certain other management members of the Company who may choose to join the Buyer Group in a going-private transaction at a price of US$1.85 per American Depositary Share in cash.
About the Company
Camelot Information Systems Inc., together with its subsidiaries, provides enterprise application services and financial industry information technology (IT) services. The company’s enterprise application services consist of packaged software implementation and maintenance services for enterprise resource planning software packages; and software development and maintenance services.
Role of Duff & Phelps
Duff & Phelps is acting as independent financial advisor to the special committee of independent directors (the “Independent Committee”) of the Company’s Board of Directors in evaluating the proposed transaction. Duff & Phelps will conduct market test and will advise on the fairness of the proposed transaction.