SORL Auto Parts (SORL) approached by its Chairman, CEO and directors of the Company

  • April 26, 2019

POTENTIAL DEAL DETAILS

StockSORL Auto Parts, Inc.SymbolSORL
Date Announced04/25/2019Source Press release
TypeUnsolicited BidAcquiring Company/Person Ruili International Inc.
Date of Confirmation: 11/29/2019Price at Confirmation: $4.42
Potential Profit: 13.62%Annualized Profit: 22.81%

SORL Auto Parts, Inc. (SORL) , a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, announced today that its Board of Directors has received a non-binding preliminary proposal letter, dated April 25, 2019, from Mr. Xiaoping Zhang, its Chairman and Chief Executive Officer, Ms. Shuping Chi and Mr. Xiaofeng Zhang, directors of the Company, and Ruili Group Co., Ltd. (together, the “Consortium”) to acquire all of the outstanding shares of common stock of the Company not already owned by the Consortium for US$4.26 per share of common stock in cash.

Update(s):

November 29, 2019: SORL Auto Parts, Inc. (SORL), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, today announced that it has entered into an Agreement and Plan of Merger with Ruili International Inc., a Delaware corporation and formed on behalf of a consortium consisting of Mr. Xiao Ping Zhang, the Company’s Chairman and Chief Executive Officer, Ms. Shu Ping Chi and Mr. Xiao Feng Zhang, directors of the Company, and Ruili Group Co., Ltd., and Ruili International Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of Parent.

Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.