We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Country Style Cooking Restaurant Chain Co., Ltd American Depositary Shares, Each Representing Four Ordinary Shares (delisted) | NYSE:CCSC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.17 | 0 | 01:00:00 |
From Oct 2019 to Oct 2024
CHONGQING, China, Aug. 14, 2015 /PRNewswire/ -- Country Style Cooking Restaurant Chain Co., Ltd (NYSE:CCSC) ("Country Style Cooking" or the "Company"), a fast-growing quick service restaurant chain in China, today announced that its Board of Directors (the "Board") has received a non-binding proposal letter, dated August 14, 2015, from Ms. Hong Li, Co-Founder and Chairwoman of the Board, Mr. Xingqiang Zhang, Co-Founder, Chief Executive Officer and Director of the Company, and Sky Success Venture Holdings Limited, proposing a "going-private" transaction (the "Transaction") to acquire all of the outstanding ordinary shares of the Company not already owned by Ms. Li, Mr. Zhang and Sky Success Venture Holdings Limited or their respective affiliates for $5.23 in cash per American depositary share ("ADS"), each representing four ordinary shares. The proposed purchase price represents a premium of 18.9% to the closing trading price of the Company's ADS on August 13, 2015, the last trading day prior to the date hereof.
Ms. Li, Mr. Zhang, Sky Success Venture Holdings Limited and their respective affiliates currently beneficially own an aggregate of approximately 56.9% of the Company's total issued and outstanding shares.
According to the proposal letter, Ms. Li, Mr. Zhang and Sky Success Venture Holdings Limited intend to fund the consideration payable in the Transaction with a combination of debt and equity capital.
The Board has formed a special committee comprised of independent and disinterested directors. The special committee is composed of Messrs. Li-Lan Cheng, Winston Jin Li and Eric Haibing Wu, who are independent directors of the Company and are unaffiliated with the Transaction. Mr. Li-Lan Cheng will be the chairman of the special committee. The Board has authorized the special committee to retain independent legal and financial advisors to assist it in evaluating the Transaction.
The Board cautions the Company's shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from Ms. Li, Mr. Zhang and Sky Success Venture Holdings Limited and no decisions have been made with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
About Country Style Cooking Restaurant Chain Co., Ltd.
Country Style Cooking Restaurant Chain Co., Ltd. (NYSE: CCSC) ("Country Style Cooking") is a fast-growing quick service restaurant chain in China, offering delicious, everyday Chinese food to customers who desire fast and affordable quality meals. Country Style Cooking directly operates all of its restaurants and is the largest quick service restaurant chain in Chongqing municipality, home to Sichuan cuisine, one of the best-known Chinese regional cuisines. Additional information about Country Style Cooking can be found at http://ir.csc100.com.
Safe Harbor Statements
All statements other than statements of historical fact contained in this release, including statements regarding future results of the operations of the Company are forward-looking statements, which are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially. Uncertainties and assumptions, and the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. The Company does not undertake any obligation to update publicly or revise any forward-looking statements for any reason after the date of this release, nor to conform these statements to actual results, future events, or to changes in the Company's expectations.
Annex A
August 14, 2015
The Board of Directors
Country Style Cooking Restaurant Chain Co., Ltd.
No. 19 Yunshan South Road
Yubei District, Chongqing
People's Republic of China
The People's Republic of China
Dear Sirs:
Ms. Hong Li, Co-Founder and Chairwoman of the Board of Directors of Country Style Cooking Restaurant Chain Co., Ltd. (the "Company"), Mr. Xingqiang Zhang, Co-Founder, Chief Executive Officer and director of the Company and Sky Success Venture Holdings Limited (together, the "Buyer Group") are pleased to submit this preliminary non-binding proposal to acquire all outstanding ordinary shares (the "Shares") of the Company not beneficially owned by the Buyer Group in a going-private transaction (the "Acquisition"). Our proposed purchase price for each American depositary share of the Company ("ADS", each representing four Shares) is $5.23 in cash. The Buyer Group and their respective affiliates beneficially own approximately 56.9% of all the issued and outstanding Shares of the Company.
We believe that our proposal provides an attractive opportunity for the Company's shareholders. Our proposed purchase price represents a premium of approximately 18.9% to the closing trading price of the Company's ADSs on August 13, 2015, the last trading day prior to the date hereof.
The terms and conditions upon which we are prepared to pursue the Acquisition are set forth below. We are confident in our ability to consummate an Acquisition as outlined in this letter.
Sincerely,
Ms. Hong Li
Mr. Xingqiang Zhang
Sky Success Venture Holdings Limited
Name: Zhiyun Peng
Title: Director
Contact:
Country Style Cooking Restaurant Chain Co., Ltd.
Phone: +86-23-8866-8866
E-mail: ir@csc100.com
ICR Inc.
Bill Zima
Phone: +86-10-6583-7511 or +1-646-328-2520
E-mail: bill.zima@icrinc.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/country-style-cooking-announces-receipt-of-preliminary-non-binding-going-private-proposal-300128667.html
SOURCE Country Style Cooking Restaurant Chain Co.,Ltd.
Copyright 2015 PR Newswire
1 Year Country Style Cooking Restaurant Chain Co., Ltd American Depositary Shares, Each Representing Four Ordinary Shares (delisted) Chart |
1 Month Country Style Cooking Restaurant Chain Co., Ltd American Depositary Shares, Each Representing Four Ordinary Shares (delisted) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions