Focus Media Says It's Exempt From Suit Over $4B Carlyle Deal

Law360, New York (March 20, 2013, 4:05 PM EDT) -- Chinese advertising giant Focus Media Holding Ltd. on Tuesday blasted a proposed class action seeking to block a shareholder vote on the company's proposed $3.7 billion take-private deal with The Carlyle Group LP, arguing certain provisions of the Securities Exchange Act don’t apply to foreign issuers.

In its suit, shareholder the Iron Workers Mid-South Pension Fund claims Focus Media violated U.S. Securities and Exchange Commission rules by giving the SEC a misleading transaction statement on the planned deal. But Focus Media says that as a foreign...
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