iDreamSky Technology Ltd (ADR) (NASDAQ:DSKY), China’s leading independent mobile game publishing platform, announced that its board of directors (the “Board”) has received a preliminary non-binding proposal letter, datedJune 13, 2015, from Mr. Michael Xiangyu Chen, chairman of the Board and chief executive officer of the Company, to acquire all of the outstanding Class A and Class B ordinary shares of the Company not owned by him or his affiliates, including Class A ordinary shares represented by American depositary shares (the “ADSs”, each representing four Class A ordinary shares), for $3.50 in cash per Class A or Class B ordinary share, or $14.00 in cash per ADS. A copy of the proposal letter is attached hereto as Exhibit A.

The Board has formed a special committee consisting of independent directors (the “Special Committee”) to consider the proposal. The Board expects that the Special Committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process.

The Company cautions its shareholders and others considering trading its securities that the Board has just received the proposal letter and neither the Board nor the Special Committee has had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company’s response to the proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the proposed transaction or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law. (Original Source)

Shares of iDreamSky Technology closed last Friday at $14.56 . DSKY has a 1-year high of $25.95 and a 1-year low of $6.64. The stock’s 50-day moving average is $9.82 and its 200-day moving average is $11.91.

On the ratings front, iDreamSky Technology has been the subject of a number of recent research reports. In a report issued on June 2, Rosenblatt Securities analyst Jun Zhang reiterated a Buy rating on DSKY, with a price target of $12, which reflects a potential downside of -17.6% from last closing price. Separately, on June 1, Piper Jaffray’s Gene Munster maintained a Buy rating on the stock and has a price target of $14.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jun Zhang and Gene Munster have a total average return of 32.0% and 26.9% respectively. Zhang has a success rate of 83.3% and is ranked #1096 out of 3624 analysts, while Munster has a success rate of 70.6% and is ranked #2.

iDreamSky Technology Ltd through its subsidiaries is engaged in the licensing and operating of single player mobile games and mobile online games in the People’s Republic of China.