investor offers to privatize
04/03/2020|1:31:00 PM|ChinaTravelNews

ChinaTravelNews Ocean Link, an investment firm indirectly associated with the Group, offered to take New York-listed private in a non-binding proposal. 

China's largest online classifieds marketplace said on April 2 that it received a preliminary non-binding proposal from Ocean Link to acquire all of the company's outstanding ordinary shares for USD 27.5 in cash per Class A or Class B ordinary share.

Ocean Link plans to fund the consideration payable in the transaction primarily with equity capital and possibly debt capital.

The Board of said it plans to evaluate the proposed deal. 

Ocean Link claims that it is the first private equity firm focused on the travel and tourism sector in China. 

In 2016, the firm set up a strategic partnership with Group (previously known as Ctrip), the largest online travel agency in China, and General Atlantic, a leading global growth equity firm. James Liang, co-founder and executive chairman of the Group, is also a board member at Ocean Link. 

Ocean Link has invested in Chinese travel site Mafengwo, high-end business lounges operator DragonPass and hotel management company LvYue. It also holds a stake in Tongcheng-Elong, a Hong Kong-listed online travel company invested by Group and Tencent.