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Online retailer China Dangdang completes merger process
22 Sep '16
1 min read
Online retailer China Dangdang Inc has completed its merger with Dangdang Merger Company, a wholly owned subsidiary of Dangdang Holding Company Limited. Dandang offers apparel and accessories for baby and children as well as maternity, home and lifestyle products, among others and is in the process of offering an integrated online shopping experience.
As a result of the merger, the ecommerce website ceased to be a publicly traded company and became a wholly-owned subsidiary of Dangdang Holding.
Dandang said shareholders should wait to receive the letter of transmittal before surrendering their share certificates and that as soon as practicable; the ADS Depositary will call for the surrender of all ADSs, other than any ADS representing the excluded shares, for delivery of the merger consideration.
Upon the surrender of ADSs, the ADS Depositary will pay to the surrendering holders $6.70 per ADS surrendered in cash without interest and net of any applicable withholding taxes. (AR)
As a result of the merger, the ecommerce website ceased to be a publicly traded company and became a wholly-owned subsidiary of Dangdang Holding.
Dandang said shareholders should wait to receive the letter of transmittal before surrendering their share certificates and that as soon as practicable; the ADS Depositary will call for the surrender of all ADSs, other than any ADS representing the excluded shares, for delivery of the merger consideration.
Upon the surrender of ADSs, the ADS Depositary will pay to the surrendering holders $6.70 per ADS surrendered in cash without interest and net of any applicable withholding taxes. (AR)
Fibre2Fashion News Desk – India
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