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Focus Media IT Makes Adjustments in Share Placement for Xinchao Media Acquisition

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Focus Media Information Technology (SHE:002027) adjusted the number of shares and share price of its planned share placement related to the acquisition of Chengdu Xinchao Media Group, according to a Shenzhen bourse filing on Thursday.

The Chinese advertising company seeks to acquire 90.02% of Xinchao Media through share placement and cash.

The number of shares for placement will rise to approximately 1.52 billion shares from 1.47 billion shares and the price per share will decline to 5.11 yuan from 5.30 yuan.

After the adjustment, the proceeds for the share placement will remain at 7.76 billion yuan.

The company's shares rose 1% at the close.

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