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Focus Media Plans To Relist Throught Hedy Purchase

Focus Media Holding Ltd. plans to relist on the market through a purchase by Hedy Holdings, a communications equipment maker. Hedy plans to buy Focus Media, which operates outdoor advertisements along with an internet ad agency. The deal is be funded through a mix of cash, new shares and an asset swap valued at $7.17 billion.

In a statement Hedy said, “The deal involves a backdoor listing, so the company will need to submit an application to get approval from the China Securities Regulatory Commission.”