BEIJING, Oct. 22, 2015 /PRNewswire/ -- Youku Tudou Inc.
(NYSE: YOKU), a leading multi-screen entertainment and media
company in China ("Youku Tudou" or
the "Company"), today announced that the independent special
committee of the Company's Board of Directors (the "Special
Committee") has retained J.P. Morgan Securities (Asia Pacific) Limited as its financial
advisor, Skadden, Arps, Slate, Meagher & Flom LLP as its U.S.
legal counsel and Conyers Dill &
Pearman as its Cayman Islands
legal counsel in connection with its review and evaluation of the
nonbinding proposal, dated October 16,
2015, from Alibaba Group Holding Limited ("Alibaba") for a
"going-private" transaction in which it would acquire all of the
outstanding ordinary shares of the Company, including ordinary
shares represented by American depositary shares (each representing
18 ordinary shares of the Company), that are not owned by
Alibaba.
The board of directors cautions the Company's shareholders and
others considering trading in its securities that no decision has
been made on the response to the proposal. 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.
About Youku Tudou Inc.
Youku Tudou Inc. (NYSE: YOKU) is a leading multi-screen
entertainment and media company in China. Youku Tudou is China's leading Internet television platform,
enabling users to search, view and share high-quality video content
quickly and easily across multiple devices. Its Youku brand and
Tudou brand are among the most recognized online video brands in
China. Youku Tudou's American
depositary shares, each representing 18 of Youku Tudou's
Class A ordinary shares, are traded on the NYSE under the
symbol "YOKU."
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "may," "intend," "confident," "is
currently reviewing," "it is possible," "subject to" and similar
statements. Youku Tudou may also make written or oral
forward-looking statements in its reports filed or furnished with
the U.S. Securities and Exchange Commission, including Forms 20-F
and 6-K, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including statements about Youku Tudou's
beliefs and expectations, are forward-looking statements and are
subject to change. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause
actual results to differ materially from those contained, either
expressly or impliedly, in any of the forward-looking statements in
this press release. Potential risks and uncertainties are outlined
in Youku Tudou's filings with the U.S. Securities and Exchange
Commission. All information provided in this press release is
current as of the date of this press release, and Youku Tudou does
not undertake any obligation to update any such information, except
as required under applicable law.
For more information, please contact:
Ryan Cheung
Vice President, Finance
Youku Tudou Inc.
Tel: (+8610) 5890-6883
Email: ryan.cheung@youku.com
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SOURCE Youku Tudou Inc.