April 23, 2021

Qunar Cayman Islands receives go-private offer

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Qunar-CaymanFrom Reuters

Chinese online travel company Qunar Cayman Islands Ltd said a unit of private equity fund Ocean Imagination LP offered to acquire the company.

The offer of $30.39 per American depositary share represents a premium of 15 percent to the stock’s Wednesday close.

Shares of the company, which has a market value of about $3.80 billion, were trading up at $28.85 before the bell on Thursday.

The non-binding offer is for the ordinary shares of Qunar not beneficially owned by the “significant shareholders”, the company said.

The buyer intends to seek the support of these shareholders who account for a majority in voting power of the company.

Ctrip, China’s top travel company, agreed to acquire a roughly 45 percent stake in Qunar through a share swap with its backer Baidu Inc last year.

Qunar said its board had formed a special committee to consider the proposal.

Ocean Management Ltd, the unit of Ocean Imagination, will fund the deal with debt and equity, Qunar said.

Ocean Imagination invests in travel-related industries in China. (Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila)

SOURCE: http://www.reuters.com/article/qunar-ma-ocean-imagination-idUSL4N19F3IE

IMAGE: Qunar Cayman Islands logo

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