Another China-Based Company Goes Private: eLong To Be Acquired By Its Parent Company For $18.00/ADS
eLong, Inc. (ADR) (NASDAQ: LONG), a China-based provider of mobile and online hotel reservations, announced on Thursday it has entered into an agreement to be acquired by its parent company, China E-dragon Holdings Limited and a consortium of shareholders.
As part of the agreement, eLong shareholders (other than those in the consortium of buyers) will receive $9.00 in cash for each ordinary share they hold or $18.00 in cash for each American Depositary Share (ADS).
The acquisition price represents a 24 percent premium to the stock's closing price on July 31, which was the last trading day before the company received the going-private proposal.
Shares of eLong were trading higher by 2.05 percent at $17.45 on Thursday.
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