On Monday night, Focus Media Holding Limited (NASDAQ: FMCN) announced that its Board of Directors has received a preliminary non-binding proposal letter, dated August 12, 2012, from affiliates of FountainVest Partners, The Carlyle Group, CITIC Capital Partners, CDH Investments and China Everbright Limited and Jason Nanchun Jiang, chairman of the board and chief executive officer of the company, and his affiliates (together, the "Consortium Members"), that proposes a "going-private" transaction for $27.00 in cash per American depositary share.

According to the proposal letter, the Consortium Members will form an acquisition company for the purpose of implementing the transaction, and the transaction is intended to be financed with a combination of debt and equity capital.

The proposal letter states that the Consortium Members have been in discussions with Citigroup Global Markets Asia Limited, Credit Suisse AG, Singapore Branch and DBS Bank Ltd. about financing the transaction and that these banks have provided the Consortium Members with a letter dated August 11 indicating that they are highly confident of their ability to fully underwrite the debt financing of the transaction subject to the terms and conditions set out therein.

The company's board of directors has formed a committee of independent directors to consider the proposed transaction. The independent committee is authorized to retain advisors, including an independent financial  advisor and legal counsel, to assist it in its work.  Simpson Thacher & Bartlett is acting as the company's U.S. counsel in connection with the transaction.