Bitauto Holdings Limited, a leading provider of internet content & marketing services, and transaction services for China’s fast-growing automotive industry, announced that its Board of Directors (the “Board”) has received a preliminary non-binding proposal letter, dated September 12, 2019, from Tencent Holdings Limited and Hammer Capital (together, the “Buyer Group”), proposing to acquire all of the outstanding ordinary shares of Bitauto not already owned by the Buyer Group or their affiliates for US$16 in cash per American depositary share (“ADS”) in a going private transaction (the “Transaction”).
A copy of the proposal letter is attached as Annex A to this press release.
The Board will form an independent special committee to consider the Transaction.
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The Board cautions the Company’s shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from the Buyer Group and no decisions have been made with respect to the Company’s response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
Bitauto Holdings Limited is a leading provider of internet content & marketing services, and transaction services for China’s fast-growing automotive industry. Bitauto’s business consists of three segments: advertising and subscription business, transaction services business and digital marketing solutions business.
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Bitauto’s advertising and subscription business provides a variety of advertising services to automakers through the bitauto.com website and corresponding mobile apps which provide consumers with up-to-date automobile pricing and promotional information, specifications, reviews and consumer feedback. Bitauto also provides transaction-focused online advertisements and services for promotional activities to its business partners, including automakers, automobile dealers, auto finance partners and insurance companies. Bitauto offers subscription services via its SaaS platform, which provides web-based and mobile-based integrated digital marketing solutions to new car automobile dealers in China. The SaaS platform enables automobile dealer subscribers to create their own online showrooms, list pricing and promotional information, provide automobile dealer contact information, place advertisements and manage customer relationships to help them reach a broad set of purchase-minded customers and effectively market their automobiles to consumers online.
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