BEIJING, Sept. 7, 2020 /PRNewswire/ -- 58.com Inc. (NYSE:
WUBA) ("58.com" or the "Company"), China's largest online market place for
classifieds, today announced that at an extraordinary general
meeting of shareholders held today, the Company's shareholders
voted in favor of, among other things, the proposal to authorize
and approve the execution, delivery and performance of the
previously announced agreement and plan of merger, dated as of
June 15, 2020 (the "Merger
Agreement"), among the Company, Quantum Bloom Group Ltd, an
exempted company with limited liability incorporated under the laws
of the Cayman Islands ("Parent"),
and Quantum Bloom Company Ltd, an exempted company with limited
liability incorporated under the laws of the Cayman Islands and a wholly-owned subsidiary
of Parent ("Merger Sub"), and the plan of merger required to be
filed with the Registrar of Companies of the Cayman Islands (the "Plan of Merger"),
pursuant to which Merger Sub will merge with and into the Company,
with the Company continuing as the surviving company and becoming a
wholly owned subsidiary of the Parent (the "Merger"), and to
authorize and approve the consummation of any and all transactions
contemplated by the Merger Agreement and the Plan of Merger,
including the Merger.
Approximately 61% of the Company's total outstanding Class A
ordinary shares and Class B ordinary shares, par value US$0.00001 per share (each, a "Class A Share" and
"Class B Share," respectively), including Class A Shares
represented by the Company's American depositary shares (the
"ADSs"), attended the extraordinary general meeting by proxy. Each
shareholder has one vote for each Class A Share or 10 votes for
each Class B Share. These shares represented approximately 65% of
the total outstanding votes represented by the Company's total
ordinary shares outstanding at the close of business in the
Cayman Islands on the record date
of August 14, 2020. The Merger
Agreement, the Plan of Merger and the transactions contemplated
thereby, including the Merger, were approved by over 75% of the
total votes cast at the extraordinary general meeting.
Completion of the Merger is subject to the satisfaction or
waiver of the conditions set forth in the Merger Agreement. The
Company will work with the other parties to the Merger Agreement
towards satisfying all other conditions precedent to the Merger set
forth in the Merger Agreement and complete the Merger as quickly as
possible. If and when completed, the Merger would result in the
Company becoming a private company and its ADS would no longer be
listed or traded on any stock exchange, including the New York
Stock Exchange, and the Company's ADS program would be
terminated.
About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China's largest online market place for
classifieds, as measured by monthly unique visitors on both its
www.58.com website and mobile applications. The Company's online
marketplace enables local business users and consumer users to
connect, share information and conduct business. 58.com's broad,
in-depth and high quality local information, combined with its
easy-to-use website and mobile applications, has made it a trusted
marketplace for consumers. 58.com's strong brand recognition, large
and growing user base, merchant network and massive database of
local information create a powerful network effect. For more
information on 58.com, please visit http://www.58.com.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Any statements
that are not historical facts, including statements about 58.com's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: the possibility that financing may not be available; the
possibility that various closing conditions for the transaction may
not be satisfied or waived; and other risks and uncertainties
discussed in documents filed with the SEC by the Company, as well
as the Schedule 13E-3 transaction statement and the proxy statement
filed by the Company. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. All information provided in this press
release is current as of the date of the press release, and 58.com
does not undertake any obligation to update such information,
except as required under applicable law.
For more information, please contact:
58.com Inc.
ir@58.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com
In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE 58.com Inc