Bitauto Announces Shareholder` Approval Of Merger Agreement
BEIJING, Nov. 5, 2020 /PRNewswire/ — Bitauto Holdings Limited («Bitauto» or «Company») (NYSE: BITA), a leading provider of Internet content and marketing services and transaction services for the Chinese automotive industry, today announced the completion of the merger with Yiche Mergersub Limited («Sub Merger»), a 100% subsidiary of Yiche Holding Limited («Parent Company»), pursuant to the previously announced agreement and the proposed merger of June 12, 2020 (the Merger Agreement) by the Company, Parent Company and Merger Sub-Number. As a result of the merger, the company became a 100% subsidiary of the parent company and will cease to be a publicly traded company. Bitauto`s advertising and subscription activities offer car manufacturers, via the bitauto.com website and the corresponding mobile applications, a wide range of promotional services that offer consumers car prices and advertising information, specifications, evaluations and consumer feedback. Bitauto also offers its business partners, including automakers, auto dealers, auto finance partners, and insurance companies, transaction-oriented online advertising and services for advertising activities. Bitauto offers subscription services through its SaaS platform, which provides integrated web-based and mobile digital marketing solutions for newcomers to China. The SaaS platform allows car dealer subscribers to create their own online showrooms, list pricing and advertising information, provide contact information to car dealers, place ads and manage customer relationships in order to reach a wide range of purchase-oriented customers and effectively market their cars online to consumers. In connection with the Merger, Duff & Phelps, LLC and Duff & Phelps Securities, LLC are acting as financial advisor to the Special Committee of the Company`s Board of Directors (the «Special Committee»). Skadden, Arps, Slate, Meagher & Flom LLP is the U.S. legal counsel to the Special Commission. Pursuant to the merger agreement entered into by the Company`s shareholders at an extraordinary general meeting on the 23rd, any common share of the Company (each share) issued and pending just prior to the effective date of the Merger (the «Effective Date»), has been cancelled and no longer exists, in exchange for the right to receive $16 in interest-free cash and any outstanding U.S. filing shares (an «ADS» each), which represents one share) represents the right to receive 16 $US in cash excluding interest («counter-performance of the merger»), with the exception of (a) certain shares (including shares represented by ADS) held by related companies of Tencent Holdings Limited, a related company of JD.com, Inc. and Herrn.
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