CH OUTDOORMEDIA (00254) announced that the Purchaser has agreed to proceed with the acquisition of the target company 1's “Tao” + “Taobao Tianxia” Magazine and its online shopping platform and other media (instead of acquisition of the entire business as described in the announcement dated 18 October 2011 issued by the Company), after further negotiation with the Vendors and preliminary due diligence investigation being conducted.
CH OUTDOORMEDIA (00254) scales down acquisition to Taobao Magazine, online shopping platform
After the completion of corporate reorganization of the target company 1 by the Vendors, the Purchaser and the Vendors (or the equity owners that hold the target business after the completion of the aforesaid corporate reorganisation) will enter into the formal sale and purchase agreement(s) in due course. (k)
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