BEIJING, April 7, 2016 /PRNewswire/ -- iMeigu Capital
Management Ltd. ("iMeigu") ,
Jiangsu Huaxi Group Co., Ltd ("Huaxi Group"), announce that have
formed a consortium ("Consortium") for the preliminary
non-binding proposal ("Proposal") , which iMeigu has submitted on
March 9, to acquire all of the
outstanding Class A common shares ("Class A Shares"), Class B
common Shares ("Class B Shares", together with Class A Shares, the
"Shares") and American depositary shares ("ADSs",each representing
five Class A Share) of E-Commerce China Dangdang Inc (NYSE:
DANG, the"Company") in an
all-cash transaction for US$8.8 per
ADS or US$1.76 per Share.
Under the Proposal, the Consortium will acquire all the
outstanding Shares and ADSs of the Company in cash for US$8.8 per ADS or US$1.76 per Share (the "Transaction"). It represents a
highly attractive premium of approximately 12.6% to
the previous preliminary non-binding proposal from Ms.
Peggy Yu Yu, Chairwoman of the
Board, and Mr. Guoqing Li, director
and Chief Executive Officer of the Company (together, the " Insider
Buyer ") dated July 9, 2015, to
acquire all of the outstanding ordinary shares of the Company not
already beneficially owned by the Insider Buyer for $7.812 in cash per ADS.
The Consortium has engaged O'Melveny & Myers LLP as its
international legal counsel and East & Concord Partners as its
PRC legal counsel.
As the Consortium has previously stated, the Proposal does, and
the Transaction will, provide superior value to the Company's
shareholders as compared with the Insider Buyer's proposal. The
Consortium recognizes that the
Company's Board of Directors has formed a special committee to
evaluate the Insider Buyer's proposal and the Consortium is
positioned to negotiate and complete the acquisition in a timely
manner. While The Consortium is fully prepared to pursue the
Transaction upon the terms and subject to the conditions set forth
herein, The Consortium is open-minded and flexible with respect to
the potential structure of the Transaction to expedite the process
of delivering value to the Company's shareholders, including
working with other parties, such as Ms. Peggy Yu Yu and Mr. Guoqing Li, through forming a buyer group with
them to implement a "going-private" transaction.
The Proposal is Non-binding and subject to further negotiation
of definitive agreements and the satisfaction of customary closing
conditions, including regulatory approvals.
About iMeigu Capital Management Ltd.
iMeigu Capital Management Ltd. is a Cayman Islands' assets management
company,focusing on Chinese internet investing. At the mean while,
it is the Manager of iMeigu Fund.
About Jiangsu Huaxi Group Co., Ltd.
Jiangsu Huaxi Group Co., Ltd. is
a huge group enterprise, operating multiple business in
manufacture, agriculture, trade, real estate, and finance. Huaxi
Group is the main shareholder of
Jiangsu Huaxicun Co.,Ltd., a Shenzhen Exchange listed company
(SZ:000936). At the end of 2014, Huaxi Group's total assets were
RMB48.281 billion, net assets were
RMB16.383 billion. By the end of
2014, Huaxi Group has invested RMB4.283
billion to such as Huatai securities Co., Ltd. (SH:601688), five China's A share stock exchange listed
companies, five banks etc.
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SOURCE iMeigu Capital Management Ltd.