BEIJING, March 9, 2016 /PRNewswire/ -- iMeigu Capital
Management Ltd. ("iMeigu") , announces that today has submitted a
preliminary non-binding proposal ("Proposal") to acquire all of the
outstanding Class A common shares ("Class A Shares"), Class B
common Shares ("Class B Shares", together with Class A Shares, the
"Shares") and American depositary shares ("ADSs", each representing five Class A Share) of
E-Commerce China Dangdang Inc (NYSE: DANG, the"Company") in an all-cash transaction
for US$8.8 per ADS or US$1.76 per Share.
Under the Proposal, iMeigu will acquire all the outstanding
Shares and ADSs of the Company in cash for US$8.8 per ADS or US$1.76 per Share (the "Transaction"). It represents a
highly attractive premium of approximately 12.6% to
the previous preliminary non-binding proposal from Ms.
Peggy Yu Yu, Chairwoman of the
Board, and Mr. Guoqing Li, director
and Chief Executive Officer of the Company (together, the " Insider
Buyer ") dated July 9, 2015, to
acquire all of the outstanding ordinary shares of the Company not
already beneficially owned by the Insider Buyer for $7.812 in cash per ADS.
iMeigu will form an acquisition company for the purpose of
implementing the Transaction and fund it from its shareholders,
investors, partners and banks. Further more, iMeigu has engaged
O'Melveny & Myers LLP as its international legal counsel and
East & Concord Partners as its PRC legal counsel.
As iMeigu has previously stated, the Proposal does, and the
Transaction will, provide superior value to the Company's
shareholders as compared with the Insider Buyer's proposal. iMeigu
recognize that the Company's Board of Directors has formed a
special committee to evaluate the Insider Buyer's proposal and
iMeigu is positioned to negotiate and complete the acquisition in a
timely manner. While iMeigu is
fully prepared to pursue the Transaction upon the terms and subject
to the conditions set forth herein, iMeigu is open-minded and
flexible with respect to the potential structure of the Transaction
to expedite the process of delivering value to the Company's
shareholders, including working with other parties, such as Ms.
Peggy Yu Yu and Mr. Guoqing Li, through forming a buyer group with
them to implement a "going-private" transaction.
The Proposal is Non-binding and subject to further negotiation
of definitive agreements and the satisfaction of customary closing
conditions, including regulatory approvals. This letter is governed
by, and construed in accordance with the laws of Cayman Islands.
About iMeigu Capital Management Ltd.
iMeigu Capital Management Ltd is a Cayman Islands' assets management
company,focusing on Chinese internet investing. At the mean while,
it is the Manager of iMeigu Fund.
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SOURCE iMeigu Capital Management Ltd.