Report of Foreign Issuer (6-k)
01 Juni 2015 - 2:27PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of June 2015
Commission File Number: 001-35190
TAOMEE HOLDINGS LIMITED
16/F, Building No. A-2, No. 1528 Gumei Road, Xuhui District
Shanghai 200233, Peoples Republic of China
(86-21) 6128-0056
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82- N/A
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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TAOMEE HOLDINGS LIMITED |
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By: |
/s/ Sam Lawn |
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Name: |
Sam Lawn |
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Title: |
Chief Financial Officer |
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Date: June 1, 2015 |
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EXHIBIT INDEX
Exhibit 99.1 Press Release
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Exhibit 99.1
Taomee Holdings Limited Announces Receipt of Going Private Proposal at US$0.1794 Per Ordinary Share or US$3.588 Per ADS
SHANGHAI, June 1, 2015 /PRNewswire/ Taomee Holdings Limited (NYSE: TAOM) (Taomee or the Company), one of the leading childrens entertainment and media companies in China, today announced that its board of directors has received a non-binding proposal letter dated May 30, 2015 from Mr. Benson Haibing Wang, a director and the chief executive officer of the Company, Mr. Roc Yunpeng Cheng, a director and the president of the Company, and affiliates of the foregoing, and Orient Securities Ruide (Shanghai) Investment Management Co., Ltd., a subsidiary of Orient Securities Company Limited, (together with Mr. Benson Haibing Wang and Mr. Roc Yunpeng Cheng, the Consortium Members) to acquire all of the outstanding shares of the Company not currently owned by the Consortium Members (including shares represented by American Depositary Shares; or ADS, with each ADS representing 20 ordinary shares of the Company) in a going private transaction (the Transaction) at a price of US$0.1794 in cash per ordinary share of the Company or US$3.588 in cash per ADS of the Company, as the case may be.
According to the proposal letter, the Consortium Members intend to form an acquisition vehicle for the purpose of implementing the Transaction, and have agreed to work with each other exclusively in pursuing the Transaction. The Consortium Members intend to finance the Transaction with a combination of equity capital funded by the Consortium Members and third-party debt. A copy of the proposal letter is attached hereto as Exhibit A.
The Companys board of directors has formed a special committee (the Special Committee) consisting of three independent directors, Mr. JP Gan, Mr. Shengwen Rong and Mr. Ted Lai, to consider this proposal. Mr. Shengwen Rong is appointed as the chair of the Special Committee. The Company expects that the Special Committee will retain a financial advisor and legal counsel to assist it in its work. The Company cautions its shareholders and others considering trading in its securities that the Company has just received the non-binding proposal and has not made any decisions with respect to the Companys response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.
About Taomee Holdings Limited
Taomee Holdings Limited (Taomee or the Company) is Chinas leader in childrens entertainment and media. Its award winning content offerings are both engaging and educational, endearing it to children, as well as to parents and teachers. The Company was founded in 2007 with the mission to bring joy and inspiration to children. Its popular character franchises, including SEER and MOLES WORLD, are distributed online via virtual worlds, web games, and mobile applications, as well as through traditional media, including animated box office films, TV series, books, and consumer products, most notably toys and trading cards. Its online community regularly achieves top search ranking in mainland China, Hong Kong, and Taiwan. Taomee has been consistently recognized for its leadership and innovative contributions to the childrens market, including accolades from Chinas Ministry of Culture and the China Animation Association.
For more information, please visit: http://www.taomee.com/en_taomee.html
· Visit online virtual world communities at www.61.com
· Watch animations and films at http://v.61.com/
· Download mobile games and applications at http://m.61.com/
· Share with other parents and caregivers at http://mama.61.com/
Exhibit A
May 30, 2015
The Board of Directors
Taomee Holdings Limited
16/F, Building No. A-2, No. 1528 Gumei Road, Xuhui District
Shanghai 200233
Peoples Republic of China
Dear Members of the Board of Directors,
We, Benson Haibing Wang, Joy Union Holdings Limited, Roc Yunpeng Cheng, Charming China Limited, and Orient Securities Ruide (Shanghai) Investment Management Co., Ltd., a subsidiary of Orient Securities Company Limited (collectively, the Consortium Members), are pleased to submit this preliminary non-binding proposal (the Proposal) to acquire all of the outstanding ordinary shares of Taomee Holdings Limited (the Company) and the American Depositary Shares of the Company (ADSs, each ADS representing 20 ordinary shares of the Company), in both cases, that are not already beneficially owned by us in a going private transaction on the principal terms and conditions described in this letter (the Transaction).
We believe that our Proposal of US$0.1794 per ordinary share of the Company and US$3.588 per ADS, as the case may be, in cash provides a very attractive opportunity to the Companys shareholders. Our Proposal represents a premium of 20% to the closing price of the Companys ADSs on May 29, 2015 and a premium of 13.76% to the volume-weighted average closing price of the Companys ADSs during the last 30 trading days.
Set forth below are the key terms of our Proposal.
1. Consortium. The Consortium Members have entered into a consortium agreement, pursuant to which we will form an acquisition vehicle for the purpose of implementing the Transaction, and have agreed to work with each other exclusively in pursuing the Transaction. Please also note that the Consortium Members who own ordinary shares of the Company and/or ADSs are currently interested only in pursuing the Transaction and are not interested in selling their stake in any other transaction involving the Company.
2. Transaction and Purchase Price. We propose to acquire all of the outstanding ordinary shares of the Company and the ADSs not already beneficially owned by us at a purchase price equal to US$0.1794 per ordinary share and US$3.588 per ADS, as the case may be, in cash through a one-step merger of an acquisition vehicle newly formed by the Consortium Members with and into the Company.
3. Sources of Financing. We intend to finance the Transaction with a combination of equity capital funded by the Consortium Members and third-party debt.
4. Due Diligence. Parties providing financing will require a timely opportunity to conduct customary due diligence on the Company. We believe that we and our financing sources will be in a position to complete due diligence in a timely manner and in parallel with discussions on definitive agreements.
5. Definitive Documentation. Consummation of the Transaction would require negotiation and execution of a definitive merger agreement, as well as other customary agreements for a transaction of this nature, each containing terms and conditions appropriate for transactions of this type. We have retained Shearman & Sterling LLP as international legal counsel to the Consortium Members and are prepared to provide draft agreements promptly.
6. Confidentiality. We are sure you will agree that it is in all of our interests to ensure that we proceed in a confidential manner, unless otherwise required by law, until we have executed the definitive agreements or terminated our discussions.
7. Process. We believe that the Transaction will provide superior value to the Companys public shareholders. We recognize of course that the board of directors of the Company will evaluate the Transaction independently before it can make its determination whether to endorse it. Given our involvement in the Transaction, we would expect that the independent members of the board of directors will proceed to consider our Proposal and the Transaction.
8. Miscellaneous. This Proposal is not a binding offer, agreement or agreement to make a binding offer or agreement at any point in the future. This letter is a preliminary indication of interest by the Consortium Members and does not contain all matters upon which agreement must be reached in order to consummate the proposed Transaction, nor does it create any binding rights or obligations in favor of any person. The parties will be bound only upon the execution of mutually agreeable definitive documentation.
9. Public Disclosure. In light of United States securities law requirements, certain Consortium Members will be making a filing with the Securities and Exchange Commission on Schedule 13D in which this letter will be publicly disclosed.
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In closing, we would like to express our commitment to working together to bring this Transaction to a successful and timely conclusion. Should you have any questions regarding this Proposal, please do not hesitate to contact us. We look forward to hearing from you.
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Sincerely, |
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Benson Haibing Wang |
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By: |
/s/ Benson Haibing Wang |
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Joy Union Holdings Limited |
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By: |
/s/ Benson Haibing Wang |
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Name: |
Benson Haibing Wang |
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Title: |
Director |
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Roc Yunpeng Cheng |
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By: |
/s/ Roc Yunpeng Cheng |
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Charming China Limited |
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By: |
/s/ Roc Yunpeng Cheng |
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Name: |
Roc Yunpeng Cheng |
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Title: |
Director |
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Orient Securities Ruide (Shanghai) |
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Investment Management Co., Ltd. |
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By: |
/s/ Bo Chen |
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(company chop) |
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Name: Bo Chen |
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Title: Executive Director |
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Taomee Holdings Limited American Depositary Shares (Each Representing 20 Ordinary Shares) (NYSE:TAOM)
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