Bitauto Holdings: Soars on go-private offer

Yixin

13/09/2019 13:39

** U.S.-listed shares of the Chinese advertising firm
 BITA.N  rise 12% to $15.4 in premarket trading
    ** Receives preliminary non-binding proposal letter from
Tencent Holdings  0700.HK  and Hammer Capital  urn:newsml:reuters.com:*:nPn2fYNPha
    ** Proposal for $16 in cash per American depositary share
which is a premium of 16.4% over BITA's Thursday closing price
    ** Co says will form an independent special committee to
consider the proposal  urn:newsml:reuters.com:*:nL3N2641X8
    ** Deal also includes BITA's 43.74% stake in Yixin Group Ltd
 2858.HK  
    ** Tencent currently owns ~7.81% of total shares of BITA,
while Hammer does not beneficially own any share or ADS as of
the date of proposal
    ** YTD, stock had fallen 44.5%

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com; Reuters Messaging:
Ashwini.Raj@thomsonreuters.com@reuters.net))