Qunar exits from NASDAQ, becomes subsidiary of a private firm
Qunar announced to delist its ADSs on NASDAQ and become a wholly owned subsidiary of Ocean Management.
Qunar announced on March 1, 2017 the completion of its merger with Ocean Management Merger Sub Limited, a wholly owned subsidiary of Ocean Management Holdings Limited. The Company became a wholly owned subsidiary of Ocean Management.
Qunar announced on October 19, 2016 that it has entered into a definitive agreement and plan of merger with Ocean Management. 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, Ctrip and the other Rollover Shareholders.
The Company also announced that it requested that trading of its ADSs on NASDAQ be suspended before the market opens on March 1, 2017 (New York time). Qunar requested NASDAQ to file a notification on Form 25 with the U.S. Securities and Exchange Commission (SEC) notifying the SEC of the delisting of its ADSs on NASDAQ and the deregistration of the Company’s registered securities.