(Yicai Global) Sept. 22 -- The Chinese online shopping platform E-Commerce China Dangdang Inc. [NYSE: DANG] said it has fulfilled the USD556 million privatization agreement it signed in May to delist from the New York Stock Exchange (NYSE).
The Beijing-based company officially listed on the NYSE in 2010 as the first purely Internet-based Chinese B2C marketplace to float in the US.
In July 2015, Dangdang stated that it received a privatization offer from Chairwoman Peggy Yu Yu and CEO Li Guoqing that proposed acquisition of all common shares issued by the company at a price of American depositary shares (ADS) USD7.812. In May 2016, Dangdang Holding Co. and Dangdang Merger Co. signed the final merger agreement, which specifies that Dangdang Holding will acquire all common shares issued by Dangdang at the price of USD1.34 per share, with a total price of USD556 million.
Dangdang said yesterday it has wound up the privatization process and would become a privately-controlled company after its NYSE delisting. Upon completion of the deal, Ms. Peggy Yu Yu and Mr. Li Guoqing, chairman and CEO of China Dangdang Inc., respectively, and several other senior managers will become the beneficial owners of Dangdang Holding Ltd.