Another China-Based Company Goes Private: eLong To Be Acquired By Its Parent Company For $18.00/ADS

, a China-based provider of mobile and online hotel reservations,

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 represents 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.