SHANGHAI, April 30, 2018 /PRNewswire/ -- Ocean Link
Partners Limited ("Ocean Link"), a private equity firm dedicated to
investing in travel-related industries in China, is providing an update on the progress
of its non-binding proposal to acquire all outstanding common
shares of eHi Car Services Limited ("eHi" or the "Company").
On April 2, 2018, Ocean Link
submitted a non-binding proposal to purchase all outstanding common
shares (the "Shares") of eHi in a going-private transaction (the
"Acquisition"). The proposed purchase price for each American
depositary share of the Company ("ADS", each representing two
Shares) is US$14.5, or US$7.25 per Class A or Class B share, in cash.
This price is US$1 per ADS higher
than the price offered in the Agreement and Plan of Merger
announced by eHi on April 6,
2018.
On April 4, 2018, a Purchase and
Voting Agreement was made between Ocean Link and CDH Venture
Partners II, L.P. ("CDH") to transfer to Ocean Link control over
538,764 Class A Common Shares (including 438,764 Class A Common
Shares in the form of 219,382 ADSs), and 8,599,211 Class B Common
Shares of eHi (the "eHi Shares"). This transaction has closed.
On April 6, 2018, a Consortium
Agreement was made between Ocean Link and Ctrip Investment Holding
Ltd. ("Ctrip", together with Ocean Link, the "Ocean Link
Consortium").
Ctrip holds 4,300,000 Class A Common Shares, and 15,168,193
Class B Common Shares of eHi as of March 31,
2017. Collectively, the Ocean Link Consortium holds
4,838,764 Class A Common Shares and 23,767,404 Class B Common
Shares. The Ocean Link Consortium is confident that sufficient
voting power has been gathered to veto any opposing take-private
transaction that is not in the best interest of eHi's
shareholders.
Recently the Ocean Link Consortium presented a petition and an
injunction to the Cayman Islands Grand Court. The main purposes of
this Court filing are to restrain the reliance upon, and declare
void, resolutions passed at a meeting of the Board of eHi dated
April 6, 2018 in relation to the bid
by the Management Consortium, and to direct the Special Committee
to diligently consider the offer by the Ocean Link Consortium.
The Ocean Link Consortium encourages other existing
shareholders, including management shareholders, to join the Ocean
Link Consortium or to support its higher price offer.
For more inquiries, please contact info@oceanlp.com.