China's Qunar Agrees To Go Private In $4.44 Bln Deal - Quick Facts

(RTTNews) - Qunar Cayman Islands Limited (QUNR), a Chinese mobile and online travel platform, announced Wednesday that it has entered into a definitive agreement to be acquired by Ocean Management Holdings Limited for approximately $4.44 billion.

Under the plan of merger, Qunar's each ordinary share will be cancelled and cease to exist in exchange for the right to receive $10.13 in cash without interest. Each American depositary share, representing three Shares, will be cancelled in exchange for the right to receive $30.39 in cash without interest.

The merger consideration represents a premium of approximately 15% to the closing price of Qunar's ADSs on June 22, the last trading day prior to the Company's announcement of its receipt of a "going-private" proposal.

Qunar's board of directors approved the merger agreement and the merger and resolved to recommend that the Company's shareholders vote to authorize and approve the deal.

The merger, which is currently expected to close during the first half of 2017, is subject to customary closing conditions.

If completed, the merger will result in the Company becoming a privately-owned company and its ADSs will no longer be listed on the NASDAQ Stock Market.