Bitauto Holdings Limited (BITA) approached by Tencent Holdings and Hammer Capital

  • September 16, 2019


StockBitauto Holdings LimitedSymbolBITA
Date Announced09/13/2019Source Press Release
TypeUnsolicited BidAcquiring Company/Person Morespark Limited
Date of Confirmation: 06/12/2020Price at Confirmation: $15.70
Potential Profit: 5.02%Annualized Profit: 6.71%

Bitauto Holdings Limited (BITA), a leading provider of internet content & marketing services, and transaction services for China’s fast-growing automotive industry, today announced that its Board of Directors has received a preliminary non-binding proposal letter, dated September 12, 2019, from Tencent Holdings Limited and Hammer Capital, proposing to acquire all of the outstanding ordinary shares of Bitauto not already owned by the Buyer Group or their affiliates for US$16 in cash per American depositary share in a going private transaction.

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