ELong Agrees To Be Taken Private - Quick Facts

(RTTNews) - eLong, Inc. (LONG), a mobile and online travel service provider in China, said it has entered into a definitive agreement and plan of merger with China E-dragon Holdings Limited and China E-dragon Mergersub Limited, a wholly owned subsidiary of China E-dragon, pursuant to which China E-dragon Holdings will acquire eLong.

At the closing of the transaction, China E-dragon Holdings will be owned by a consortium of certain of the eLong's existing shareholders, along with Seagull Limited and certain management members of eLong, or the Buyer Group.

Under the terms of the merger agreement, eLong shareholders other than those in the Buyer Group will receive $9.00 in cash for each ordinary share of the company they hold, or $18.00 in cash for each American Depositary Share, each representing two shares they hold. The price represents a premium of approximately 24 percent to the closing trading price of the company's ADS on July 31, 2015.

The closing of the transactions is subject to a number of customary conditions, including a vote of shareholders representing at least two-thirds of the voting power of the shares present and vote in person or by proxy as a single class at an extraordinary general meeting of the Company's shareholders.

The transaction is expected to close before the end of the second quarter of the company's fiscal 2016. If completed, the transaction will result in the company becoming a privately-held company and its ADSs will no longer be listed on the Naasdaq Global Select Market.