Qunar announced that it has entered into a definitive agreement and plan of merger with Ocean Management Holdings. The agreement valued the company at around USD 4.44 billion.
Immediately following the consummation of the transactions, the combined entity will be beneficially owned by Ocean Management Limited, Ctrip and the other Rollover Shareholders.
The merger, which is currently expected to close during the first half of 2017, is subject to customary closing conditions including the approval of the Merger Agreement and the merger by the affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present.
The Rollover Shareholders have agreed to vote all of the Shares and ADSs they beneficially own, which represent approximately 94.3% of the voting power of the Shares outstanding as of the date of the Merger Agreement, in favor of the authorization and approval of the Merger Agreement and the merger.
If completed, the merger will result in Qunar becoming a privately-owned company.
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