E-Commerce China Dangdang Inc. (NYSE: DANG) (the "Company" or "Dangdang"), a leading business-to-consumer e-commerce
company in China, today announced that its board of directors (the "Board") has formed a special committee consisting of three independent, disinterested
directors, Ms. Ruby Rong Lu, Mr. Ke Zhang and Mr. Xiaolong Li, to consider the non-binding "going private" proposal that the Board received on July 9,
2015. Ms. Ruby Rong Lu will chair the special committee. The special committee intends to retain independent legal and financial advisors in due course, to
assist it in this process.
As previously announced, the Board received a preliminary non-binding proposal letter, dated July 9, 2015, from Ms. Peggy Yu Yu, Chairwoman of the
Board of Directors of the Company, and her spouse, Mr. Guoqing Li, Chief Executive Officer and director of the Company, to acquire all of the outstanding
common shares of the Company not beneficially owned by them or their affiliates, including Class A common shares represented by American depositary
shares ("ADSs," each representing five Class A common shares), for $7.812 per ADS in cash, or $1.5624 per Class A common share.
The Board cautions the Company's shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter
from the Buyer Group and no decisions have been made with respect to the Company's response to the Transaction. 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. |
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