Brief: Bitauto Announces Receipt Of Preliminary Non-Binding "Going Private" Proposal

Yixin

13/09/2019 13:40

Sept 13 (Reuters) - Bitauto Holdings Ltd  BITA.N :
    * BITAUTO ANNOUNCES RECEIPT OF PRELIMINARY NON-BINDING
"GOING
PRIVATE" PROPOSAL
    * BITAUTO HOLDINGS LTD - BOARD WILL FORM AN INDEPENDENT
SPECIAL
COMMITTEE TO CONSIDER TRANSACTION
    * BITAUTO HOLDINGS LTD - PROPOSAL FOR US$16 IN CASH PER
AMERICAN
DEPOSITARY SHARE
    * BITAUTO HOLDINGS LTD - BOARD WILL FORM AN INDEPENDENT
SPECIAL
COMMITTEE TO CONSIDER TRANSACTION
    * BITAUTO HOLDINGS - BOARD RECEIVED PRELIMINARY NON-BINDING
PROPOSAL LETTER, DATED SEPT 12, 2019, FROM TENCENT HOLDINGS
LIMITED AND HAMMER CAPITAL
    * BITAUTO HOLDINGS LTD - TENCENT CURRENTLY BENEFICIALLY OWNS
5.5
MILLION SHARES, REPRESENTING ABOUT 7.81% OF TOTAL ISSUED AND
OUTSTANDING SHARES OF CO
    * BITAUTO HOLDINGS LTD - BUYER GROUP INTENDS TO FINANCE
TRANSACTION WITH A COMBINATION OF NEW AND ROLLOVER EQUITY
CAPITAL
    * BITAUTO HOLDINGS LTD - HAMMER CAPITAL DOES NOT
BENEFICIALLY OWN
ANY SHARE OR ADS OF CO AS OF DATE OF PROPOSAL
    * BITAUTO HOLDINGS - BITAUTO'S TRANSACTION SERVICES BUSINESS
IS
PRIMARILY CONDUCTED BY ITS CONTROLLED SUBSIDIARY, YIXIN GROUP
LIMITED
    * BITAUTO HOLDINGS - ON DEAL COMPLETION, THERE WILL BE
CHANGE IN
STATUTORY CONTROL IN CO WHEREBY BUYER CONSORTIUM WILL ACQUIRE
CONTROL OF YIXIN
    * BITAUTO HOLDINGS LTD - BUYER GROUP DOES NOT ANTICIPATE
REQUIRING
DEBT FINANCING TO CONSUMMATE TRANSACTION

Source text for Eikon:  ID:nPn2fYNPha 
Further company coverage:  BITA.N 

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