China Automotive Systems (CAAS) Announces Receipt of Revised Proposal from Chen, Affiliates
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China Automotive Systems, Inc. (NASDAQ: CAAS) today announced that the special committee of its Board of Directors previously formed to evaluate and consider a preliminary non-binding proposal submitted by Mr. Hanlin Chen ("Mr. Chen") to the Board on May 14, 2017 (the "Original Proposal") has received a revised non-binding proposal letter (the "Revised Proposal"), dated August 30, 2017, from Mr. Chen and Chariot Company (Cayman) Limited (together with its affiliates, "NHPEA"), to acquire all of the outstanding shares of common stock of the Company not already beneficially owned by Mr. Chen, Wiselink Holdings Limited, a company controlled by Mr. Chen, and Ms. Liping Xie, his wife (collectively, the "Chairman Parties", and together with NHPEA, the "Buyer Group"), and their respective affiliates, for US$5.45 per share of common stock in cash. The Buyer Group and their affiliates currently beneficially own approximately 56.4% of the issued and outstanding shares of common stock of the Company on a fully diluted and as-converted basis. The Revised Proposal supersedes and replaces the Original Proposal in its entirety. The Revised Proposal is expressly conditioned on approval by the Special Committee and is subject to a non-waivable condition requiring approval by a majority vote of the Company's unaffiliated stockholders. A copy of the Revised Proposal letter is attached to this press release.
The Special Committee is currently evaluating the Revised Proposal with the assistance of its financial and legal advisors. The Company cautions the Company's stockholders and others considering trading in the Company's securities that no decisions have been made by the Special Committee or the Board with respect to the Revised Proposal. There can be no assurances that any definitive offer will be made, that any definitive agreement will be executed relating to the Revised Proposal or any other transaction, or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
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Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
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