VIENNA (dpa-AFX) - E-Commerce China Dangdang Inc. (DANG), a business-to-consumer e-commerce company in China, announced its Board has received a non-binding proposal letter, from Ms. Peggy Yu Yu, Chairwoman of the Board, and Guoqing Li, director and CEO of the company, proposing a going-private transaction.
The Buyer Group proposes to acquire all of the outstanding ordinary shares of the company not already beneficially owned by them for $7.812 in cash per American depositary share, each representing five common shares. The Buyer Group currently beneficially owns approximately 35.9% of all the issued and outstanding common shares of the company, which represent approximately 83.5% of the aggregate voting power of the company.
The Buyer Group intends to fund the consideration payable in the deal with a combination of debt and/or equity capital, and rollover equity in the company.
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