Exhibit 99.4
October 31, 2013
Special Committee of the Board of Directors
UTStarcom Holdings Corp.
Room 303, Building H, Phoenix Place
No. A5 Shuguangxili
Chaoyang District, Beijing 100028
People’s Republic of China
Dear Sirs:
We refer to our preliminary non-binding proposal (the “Proposal”) to the board of directors of UTStarcom Holdings Corp. (the “Company”), dated March 27, 2013, to acquire the Company pursuant to the Acquisition (as defined in the Proposal). Pursuant to the terms of our consortium agreement, we have unanimously determined to withdraw our Proposal for the Company. We hereby notify the Company of such withdrawal effective as of the date of this letter.
[Signature Page follows]
1
Sincerely,
Shah Capital Opportunity Fund LP By: Shah Capital LLC, the General Partner |
/s/ Himanshu H. Shah |
Name: Himanshu H. Shah Title: Managing Member |
Himanshu H. Shah |
/s/ Himanshu H. Shah |
Lu Charitable Remainder Trust |
/s/ Hong Liang Lu |
Name: Hong Liang Lu Title: Trustee |
Lu Family Trust |
/s/ Hong Liang Lu |
Name: Hong Liang Lu |
Title: Trustee |
The Lu Family Limited Partnership By: Hong Liang Lu, its General Partner |
/s/ Hong Liang Lu |
Name: Hong Liang Lu |
Hong Liang Lu |
/s/ Hong Liang Lu |
cc:
Colin Banfield, Citigroup Global Markets Inc.
Chuck Kim, Citigroup Global Markets Inc.
Jesse Sheley, Kirkland & Ellis
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