Establishment of a special committee to evaluate the $16 per share privatization proposal


In the evening of September 19, Beijing time, Sina Technologies News announced today that NYSE: BITA has set up a special committee of its board of directors to evaluate the privatization proposals it received last week.
On the evening of September 13, Echelon announced that its board of directors had received a preliminary non-binding privatization proposal from Tencent Holdings Limited and Hammer Capital (hereinafter referred to as the “Buyer Alliance”) on September 12, 2019. It planned to buy the Buyer Alliance with cash of $16 per American Depository Stock (ADS). All common shares issued by Echelon and its affiliates that have not yet been held by Echelon.
Today, EasyCar announced the establishment of a special committee to assess the privatization proposal. The Special Committee consists of three independent directors, Liu Erhai, Annabelle Yu Long and Jun Hou, with Liu Erhai as its chairman.
In addition, the Special Committee has hired Skadden, Arps, Slate, Meagher & Flom LLP as its legal adviser in the United States.
At the same time, the board of directors of reminded the company’s shareholders and other investors considering buying and selling their shares. The board of directors of the company had just received this non binding proposal letter from the buyer’s alliance, and had not made any decision, and could not guarantee that the buyer’s alliance would give a final offer, and that any agreement would be executed, or any other transaction would be Approval or completion. (Li Ming)