E Commerce China Dangdang Inc (ADR) (NYSE:DANG), a leading business-to-consumer e-commerce company in China, today announced that the board of directors of the Company (the “Board”) has received a non-binding proposal, dated May 17, 2016, from Ms. Peggy Yu Yu, Chairwoman of the Board, and Mr. Guoqing Li, Chief Executive Officer and director of the Company (together, the “Buyer Group”), to acquire all of the outstanding shares of the Company not already owned by the Buyer Group at US$6.50 per American depositary share (“ADS”, each ADS representing five Class A common share) or US$1.30 per common share in cash, subject to certain conditions. A copy of the proposal letter is attached hereto as Exhibit A.
The special committee of the Board (the “Special Committee”), formed to consider the original proposal by the Buyer Group, dated July 9, 2015, is evaluating this revised proposal with the assistance of its financial and legal advisors. The Special Committee cautions the Company’s shareholders and others considering trading in the Company’s securities that no decision has been made by the Special Committee or the Board with respect to the revised proposal. There can be no assurance that any definitive offer will be made, any agreement will be executed or that this or any other transaction will be approved or consummated. (Original Source)
Shares of E-commerce China Dangdang closed yesterday at $5.34, down $0.15 or -2.73%. DANG has a 1-year high of $11.50 and a 1-year low of $5.31. The stock’s 50-day moving average is $7.00 and its 200-day moving average is $6.86.
E-Commerce China Dangdang, Inc. is a business-to-consumer e-commerce company, which through its website, dangdang.com, sells books, audio-visual products, periodicals, and consumer electronics. It also offer other media products and selected general merchandise categories on its website including beauty and personal care products, home and lifestyle products, and baby, children and maternity products, apparel, digital and electronics products. The company was founded by Peggy Yu Yu and Guoqing Li in November 1999 and is headquartered in Beijing, China.