China Automotive Systems (CAAS) Reports Buyer's Withdrawal of Non-Binding 'Going-Private' Proposal
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Major Shareholders of China Automotive Systems Announce Withdrawal of "Going-Private" Proposal
August 20, 2018 6:00 AM EDTWUHAN, China, Aug. 20, 2018 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, 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... More
