Camelot Information Systems Inc. (NYSE: CIS) has received a proposal from its chairman to go private in a deal that values the company at $82 million.
Chairman and chief executive Simon Yiming Ma, with president, Heidi Chou, executive vice president Yuhui Wang, have proposed to acquire all of Camelot’s outstanding shares for $1.85 per American depository share.
The deal would be financed through a combination of debt and equity, and the buyers are in discussions with a financial institution that may finance the deal.
Beijing-based Camelot has formed a special committee to review the proposal.
The company provides financial industry information technology in China to the financial services, resources, energy, manufacturing, automobile, technology, telecommunications, media and education sectors.