Phoenix New Media Announces Further Update on Proposed Sale of Investment in Yidian
Phoenix New Media Limited American Depositary Shares, each representing 48 Class A ordinary shares. (FENG)
Last phoenix new media limited american depositary shares, each representing 48 class a ordinary shares. earnings: 3/18 05:00 pm
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US:NYSE Investor Relations:
ir.ifeng.com
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Source: PR Newswire
BEIJING, July 23, 2019 /PRNewswire/ -- Phoenix New Media Limited ("Phoenix New Media", "ifeng" or the "Company") (NYSE: FENG), a leading new media company in China, today announced that it has entered into a supplemental agreement (the "Supplemental Agreement") to the share purchase agreement (the "SPA") dated March 22, 2019 between the Company and Run Liang Tai Management Limited ("Run Liang Tai") for the sale of 32% of the total outstanding shares of Particle Inc. ("Particle" or "Yidian") to Run Liang Tai and its designated entities (the "Proposed Buyers") (the "Proposed Transaction").The Supplemental Agreement made the following major revisions to the SPA:The Company agrees to increase the number of Particle shares to be transferred to the Proposed Buyers from 199,866,509 shares to 212,358,165 shares while the total purchase price will remain unchanged at US$448 million. The Company will own approximately 3.63% of the total outstanding shares of Particle on an as-if converted and f
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