China Automotive Systems (CAAS) Reports Buyer's Withdrawal of Non-Binding 'Going-Private' Proposal

August 20, 2018 6:06 AM EDT

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China Automotive Systems, Inc. (NASDAQ: CAAS) today announced that the Special Committee of the Board of Directors (the "Board") has received a letter dated August 16, 2018 (the "Withdrawal Letter") from the Buyer withdrawing its non-binding "going-private" proposal (the "Proposal").

In a letter dated August 30, 2017 from Mr. Hanlin Chen, chairman of the Company, and his affiliates, including Wiselink Holdings Limited, a company controlled by Mr. Hanlin Chen, and Ms. Liping Xie, his wife (collectively, the "Chairman Parties"), and Chariot Company (Cayman) Limited ("NHPEA"), an affiliate of North Haven Private Equity Asia IV, L.P. (together with the Chairman Parties, the "Buyer"), the Buyer proposed to the Board an offer to acquire all outstanding shares of common stock of the Company not owned by the Buyer in a going-private transaction.

In the Withdrawal Letter, the Buyer stated that, considering recent market conditions, it has decided to withdraw the Proposal and is terminating any further discussion with the Company regarding the Proposal, with immediate effect.

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