BRIEF-Bitauto Announces Receipt Of Preliminary Non-Binding "Going Private" Proposal
Sept 13 (Reuters) - Bitauto Holdings Ltd:
* BITAUTO ANNOUNCES RECEIPT OF PRELIMINARY NON-BINDING "GOING PRIVATE" PROPOSAL
* BITAUTO HOLDINGS LTD - BOARD WILL FORM AN INDEPENDENT SPECIAL COMMITTEE TO CONSIDER TRANSACTION
* BITAUTO HOLDINGS LTD - PROPOSAL FOR US$16 IN CASH PER AMERICAN DEPOSITARY SHARE
* BITAUTO HOLDINGS LTD - BOARD WILL FORM AN INDEPENDENT SPECIAL COMMITTEE TO CONSIDER TRANSACTION
* BITAUTO HOLDINGS - BOARD RECEIVED PRELIMINARY NON-BINDING PROPOSAL LETTER, DATED SEPT 12, 2019, FROM TENCENT HOLDINGS LIMITED AND HAMMER CAPITAL
* BITAUTO HOLDINGS LTD - TENCENT CURRENTLY BENEFICIALLY OWNS 5.5 MILLION SHARES, REPRESENTING ABOUT 7.81% OF TOTAL ISSUED AND OUTSTANDING SHARES OF CO
* BITAUTO HOLDINGS LTD - BUYER GROUP INTENDS TO FINANCE TRANSACTION WITH A COMBINATION OF NEW AND ROLLOVER EQUITY CAPITAL
* BITAUTO HOLDINGS LTD - HAMMER CAPITAL DOES NOT BENEFICIALLY OWN ANY SHARE OR ADS OF CO AS OF DATE OF PROPOSAL
* BITAUTO HOLDINGS - BITAUTO'S TRANSACTION SERVICES BUSINESS IS PRIMARILY CONDUCTED BY ITS CONTROLLED SUBSIDIARY, YIXIN GROUP LIMITED
* BITAUTO HOLDINGS - ON DEAL COMPLETION, THERE WILL BE CHANGE IN STATUTORY CONTROL IN CO WHEREBY BUYER CONSORTIUM WILL ACQUIRE CONTROL OF YIXIN
* BITAUTO HOLDINGS LTD - BUYER GROUP DOES NOT ANTICIPATE REQUIRING DEBT FINANCING TO CONSUMMATE TRANSACTION Source text for Eikon: Further company coverage:
