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Jumei Revises Non-Binding Proposal To Go Private

Jumei announced that its board of directors has received a non-binding proposal letter.

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By: Marie Redding

Senior Editor, Rodman Media

Jumei International Holding Limited has announced that its board of directors has received a non-binding proposal letter from Leo Ou Chen, founder and chairman of the Board of Directors; Yusen Dai, co-founder, director and vice president of Products; and the Sequoia funds, the company’s existing shareholders.

The group is proposing a “going-private” transaction to acquire all of the outstanding ordinary shares of Jumei. It is being proposed that shares will be acquired for US $ 7.0  in cash per American depositary share. This represents a premium of 26.6% above the average closing price of the company’s ADSs over the last 10 trading days.

The Buyer Group and their affiliates beneficially own an aggregate of approximately 54.4% of all of the Company’s issued and outstanding ordinary shares, which represent approximately 90.1% of the aggregate voting power of the Company.

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