SCMP - June 24 - The consortium that offered to take Momo private is “taking advantage of its position to purchase the company at an unfair price”, according to American law firm Levi & Korsinsky. The consortium includes Momo CEO and co-founder Tang Yan, as well as investors such as Sequoia Capital China and Matrix Partners China. It holds ~48% of outstanding shares, and 84% of the voting power. Momo’s shares closed at a high of $19.11 on May 27. But in the non-binding preliminary proposal, the consortium offered $18.90 per share. If successful, the deal would be valued at $1.9B.
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