Ritsuko Hattori- Roche, Bireme Limited, Parador Trust, Edward J. Roche, Joseph Cachey and Executive Chairman, Robert W. Roche (Buyer Vehicle) submitted a preliminary non-binding letter to acquire remaining 21% stake in Acorn International, Inc. (NYSE:ATV) for $10.6 million on November 4, 2019. Under the transaction, all of the outstanding shares of Acorn International not already owned by the Buyer Vehicle will be acquired at $19.50 per American Depositary Share (AD's), subject to certain conditions. The proposed transaction will be financed with Buyer Vehicle’s internal resources, or funds from affiliated entities, possibly supplemented by equity funding and/or debt financing. According to the proposal, there is no definite arrangement in place for such equity or debt financing at this time. The independent members of the Board (the “Special Committee”) will proceed to consider the proposed acquisition. The transaction is subject to approval by the Special Committee. The special committee of Independent Directors of Acorn’s Board of Directors, consisting of Urs P. Zimmerman, Jenny Hseau-Jean Wang and Eric Haibing Wu. The Special Committee was formed to consider the preliminary non-binding "going private" proposal. The special committee has retained Duff & Phelps, LLC and Duff & Phelps Securities, LLC as its independent financial advisor and Sheppard Mullin Richter & Hampton LLP as its legal counsel.