eLong sets up special committee to evaluate Tencent’s privatization offer
eLong has formed a special committee of three independent directors – May Wu, Shengli Wang and Adam J. Zhao – to evaluate the privatization from Tencent.
OTA eLong announced the appointments of CEO Hao Jiang as company director and Adam J. Zhao as independent director, effective August 10 and August 13, 2015 respectively.
eLong independent director Adam J. Zhao
Mr. Zhao graduated with a BA in economics from Beijing Foreign Studies University in 1989 and earned his MBA at the University of Chicago in 2003. He was appointed CFO and secretary to the board of directors at PapayaMobile in December 2014.
Prior to this, he held the similar positions at Country Style Cooking Restaurant Chain (CCSC) since January 2012. He was also corporate vice president of internet company Ninetowns Group from 2004 to 2007 and CFO of Digital Media Group from August 2007.
In the same announcement, eLong said its board of directors has formed a special committee of three independent directors – May Wu, Shengli Wang and Adam J. Zhao – to evaluate the privatization offer eLong received from Tencent on August 3, 2015. Ms. Wu will be the committee chairperson and the committee will hire independent legal and financial counsels at their discretion to assist in the evaluation process.
The board of directors reminds eLong’s shareholders and other board members considering the transactions that this non-binding privatization offer does not mean that Tencent has made a final decision to implement the transaction. (Translation by David)