KongZhong (NASDAQ: KZ) has announced it's set up an independent special committee to consider a proposal to acquire the company's shares and remove it from the NASDAQ.
That offer was received on 29 June, but KongZhong says it hasn't "had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company's response to the proposal".
However, given the insular world of Chinese corporate deals, it would a surprise if the company doesn't eventually agree to the move.
This is especially the case as the offer comes from its CEO Leilei Wang, and is backed by IDG-Accel China Growth Fund II, effectively making it a management buyout.
KongZhong is best known for publishing Wargaming titles such as World of Tanks, World of Warplanes and World of Warships in China.
It has annual sales in FY2014 of $228 million.
Mobile game account for around 20 percent of revenues, and the company recently spent $16 million buying a 7 percent in rival game publisher Forgame, which is floated on the Hong Kong stock exchange.