Exhibit 99.1
Robert W. Roche
Acorn International, Inc.
5/F, YueShang Plaza
1 South Wuning Road
Shanghai 200042
People’s Republic of China
February 14, 2020
Special Committee of the Board of Directors
Acorn International, Inc.
5/F, YueShang Plaza
1 South Wuning Road
Shanghai 200042
People’s Republic of China
Ladies and Gentlemen:
Reference is made to the letter dated November 4, 2019 I sent to the board of directors of Acorn International, Inc. (the “Company”), outlining a preliminary non-binding proposal to acquire the outstanding ordinary shares and American Depositary Shares (“ADSs”) of the Company not currently owned by myself or other shareholders of the Buyer Vehicle (as defined therein) in a going-private transaction (the “Acquisition”).
In light of the uncertainties regarding the impact that the coronavirus outbreak will have on the economy, I write to inform you that at this time we are not prepared to pursue the Acquisition at a purchase price of $0.975 per ordinary share or $19.50 per ADS. We remain interested in the Acquisition and in continuing negotiations with the Special Committee regarding the Acquisition.
If you have questions regarding these matters, please contact me.
Sincerely, |
/s/ Robert W. Roche |
Robert W. Roche |