SHANGHAI, April 16, 2018 /PRNewswire/ -- eHi Car Services
Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rental
and car services company in China,
today issued the following statement regarding eHi's previously
announced definitive Agreement and Plan of Merger (the "Merger
Agreement") with the Teamsport consortium, which includes eHi's
Chairman and CEO Ray Ruiping Zhang,
certain affiliates of MBK Partners Fund IV, L.P., certain
affiliates of Baring Private Equity Asia Limited, Redstone Capital
Management (Cayman) Limited, The Crawford Group, Inc. and Dongfeng
Asset Management Co. Ltd.
The Board of Directors of the Company duly considered and
determined that the entry into the Merger Agreement was in the best
interests of the Company and its shareholders. The
determination of the Board was made after receiving the unanimous
recommendation of the Special Committee, which is composed solely
of independent and unaffiliated directors and worked closely with
its independent financial and legal advisors to determine whether
such transaction was in the best interests of the Company and its
unaffiliated shareholders. In making these determinations,
the Board and the Special Committee also considered the
preliminary, non-binding proposal for an alternative transaction
made by Ocean Link Partners Limited on April
2, 2018 and the alternative of remaining a standalone public
company.
The cash consideration of US$13.50
per American depositary share that will be paid to the unaffiliated
shareholders by the Teamsport consortium represents a 15.4% premium
over the closing price of US$11.70
per ADS on November 24, 2017, the
last trading day prior to the Company's announcement on
November 27, 2017 that it had
received a non-binding "going private" proposal. It also
represents a premium of 20.8% and 22.8%, respectively, over the
Company's 30- and 60- trading day volume-weighted average price to
November 24, 2017.
In recommending the Teamsport transaction, the Special Committee
determined that it was the superior and only actionable offer that
met the Special Committee's requirements, including having a fair
price, committed financing, completed due diligence and fully
negotiated transaction documents.
Duff & Phelps LLC is serving as the financial advisor to the
Special Committee, Fenwick & West LLP is serving as U.S. legal
counsel to the Special Committee and Maples and Calder
(Hong Kong) LLP is serving as
Cayman Islands legal counsel to
the Special Committee.
Additional information on eHi's definitive agreement with the
Teamsport consortium can be found in the Company's April 6 press release, which is available on the
Company's website. The Company and certain other participants
in the transaction will prepare and file with the U.S. Securities
and Exchange Commission a Schedule 13E-3 transaction statement,
which will include a proxy statement from the Company. The
Schedule 13E-3 will include a description of the Merger Agreement
and contain other important information about the transaction, the
Company and the other participants in the transaction.
About eHi Car Services Limited
eHi Car Services Limited (NYSE: EHIC) is a leading car rental
and car services provider in China. The Company's mission is
to provide comprehensive mobility solutions as an alternative to
car ownership by best utilizing existing resources and sharing
economy to create optimal value. eHi distinguishes itself
in China's fast-growing car rental and car services
market through its complementary business model, customer-centric
corporate culture, broad geographic coverage, efficient fleet
management, leading brand name, and commitment to technological
innovation. eHi is the exclusive strategic partner
in China of Enterprise, the largest car rental company in
the world, and is the designated and preferred business partner of
Ctrip, a leader in the online travel agency industry in China.
For more information regarding eHi, please
visit http://en.1hai.cn.
Safe Harbor
This news release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. These forward-looking statements can be identified by
terminology such as "if," "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results to differ
materially from those contained in any such statements. Potential
risks and uncertainties include, but are not limited to,
uncertainties as to the expected benefits and costs of the proposed
transaction; the expected timing of the completion of the
transaction; the parties' ability to complete the transaction
considering the various closing conditions; the possibility that
various closing conditions to the transaction may not be satisfied
or waived; how the Company's shareholders will vote at the meeting
of shareholders; the possibility that competing offers will be made
and other risks and uncertainties discussed in the Company's
filings with the U.S. Securities and Exchange Commission, as well
as the Schedule 13E-3 transaction statement and the proxy statement
to be filed by the Company in connection with the transaction. The
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
In China:
eHi Car Services Limited
Tel: +86 (21) 6468-7000 ext. 8830
E-Mail: ir@ehic.com.cn
In the United States:
The Piacente Group, Inc.
Ms. Brandi Piacente
Tel: +1-212-481-2050
E-Mail: ehi@thepiacentegroup.com
View original
content:http://www.prnewswire.com/news-releases/ehi-issues-statement-regarding-the-agreed-upon-transaction-with-the-teamsport-consortium-300630166.html
SOURCE eHi Car Services Limited