China Dangdang Gets Revised Proposal To Be Acquired

E-Commerce China Dangdang Inc. DANG disclosed that its board has received a fresh non-binding proposal from Peggy Yu Yu, Chairwoman of the Board, and Mr. Guoqing Li, Chief Executive Officer and director of the Company. The buyer group expressed their intention to acquire all of the outstanding shares at US$6.50 per American depositary share or US$1.30 per common share in cash, subject to some conditions. Each ADS is equal to five shares.

E-Commerce China Dangdang said its special committee of the Board would evaluate the revised proposal with the help of its financial, as well as the legal advisors.

The company indicated a special committee was formed on July 9 last year to consider the original proposal by the Buyer Group. The Special Committee cautioned its shareholders and others that no decision has been taken by its Special Committee or the Board with respect to the revised proposal.

The company clarified there could not be any guarantee that the current efforts would translate into any definitive offer at a later stage or any agreement would be executed or that this or any other transaction would be approved or consummated.

In the pre-market trading on Tuesday, the stock traded 3.93 percent higher.