BEIJING, April 2, 2015 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), a leading real-name social
networking internet platform in China, announced that it is commencing a Dutch
auction tender offer today to purchase for cash up to $50 million in value of its American Depositary
Shares (the "ADSs"), each representing three Class A ordinary
shares of the Company, par value $0.001 per share, at a purchase price not greater
than $2.75 per ADS nor less than
$2.40 per ADS (in each case less a
cancellation fee of $0.05 per ADS to
be paid to the Company's ADS depositary). Under the terms of the
tender offer, the Company will invite holders of ADSs to tender
their ADSs at prices specified by such holders within such range of
prices in the manner be described further in the offer materials.
The Company will select the lowest single per ADS purchase price
that will allow it to purchase $50
million in value of ADSs at completion of the tender offer.
The tender offer will be subject to the terms and conditions
described in the offer to purchase and the related materials that
will be distributed to holders of the Securities and filed with the
Securities and Exchange Commission (the "SEC") today. The tender
offer constitutes a part of the $100
million share repurchase program that the Company announced
on June 28, 2014, and not an addition
to it.
Joseph Chen, Chairman and Chief
Executive Officer of the Company, stated
that "After we announced the adoption of a $100 million share repurchase plan on
June 28, 2014, we repurchased
approximately $48.6 million of our
ADSs on the open market through March 13,
2015. We weighed the benefits of continuing to use the
remaining amount authorized under the share repurchase program to
repurchase ADSs on the open market from time to time against the
benefits of using approximately the same amount to repurchase ADSs
in a single transaction, and we determined that a tender offer was
the most effective way to realize the aims of the share repurchase
program."
Neither Renren, its board of directors, the dealer manager nor
the information agent nor any of their affiliates is making any
recommendation to holders of the Securities as to whether to tender
or refrain from tendering their Securities or as to the purchase
price on any tender. Renren has been advised that none of its
directors or executive officers intends to tender any Securities
pursuant to the offer. The information agent for the tender offer
will be Georgeson Inc. and the depositary for the tender offer will
be Citibank, N.A. Morgan Stanley & Co. LLC will act as the
dealer manager for this tender offer.
This announcement is for informational purposes only and does
not constitute an offer to purchase or a solicitation of an offer
to sell Renren's Securities. The solicitation of offers to buy
Renren's Securities will only be made pursuant to the offer to
purchase, to be issued in connection with the commencement of the
tender offer (as may be amended or supplemented), the related
letter of transmittal, and other related documents that Renren
intends to send to holders of its Securities. The tender offer
materials will contain important information that should be read
carefully before any decision is made with respect to the tender
offer. Those materials will be distributed by Renren to the holders
of its Securities at no expense to them. In addition, all of the
materials (and all other offer documents filed with the SEC) will
be available at no charge on the SEC's website at www.sec.gov and
by contacting Georgeson Inc., the information agent for the tender
offer, by telephone at (866) 821-0284.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a leading real name social
networking internet platform in China. It enables users to connect and
communicate with each other, share information and user generated
content, play online games, and enjoy a wide range of other
features and services. Renren's businesses primarily include the
main social networking website renren.com and the game operating
platform Renren Games. Renren.com had approximately 223 million
activated users as of December 31,
2014. Renren's American depositary shares, each of which
represents three Class A ordinary shares, trade on NYSE under the
symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Statements that are
not historical facts, including statements about Renren's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these risks and uncertainties is included in our annual
report on Form 20-F and other documents filed with the SEC. All
information provided in this press release is as of the date of
this press release, and Renren does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For more information, please contact:
Cynthia Liu
Investor Relations Department
Renren Inc.
Tel: +86 (10) 8448-1818 x1300
Email: ir@renren-inc.com
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SOURCE Renren Inc.