logo
  

China Automotive Systems: Special Committee To Review "Going Private" Proposal

China Automotive Systems, Inc. (CAAS) announced its Board has received a preliminary non-binding proposal letter from its Chairman, Hanlin Chen, to acquire all of the outstanding shares of common stock of the company not already beneficially owned by Chen for $5.45 per share of common stock in cash. The Board has established a special committee of the Board to consider the proposal.

The proposal is expressly conditioned on approval by a special committee of the Board and is subject to a non-waivable condition requiring approval by a majority vote of the unaffiliated stockholders. Chen and his affiliates currently beneficially own approximately 56.4% of the issued and outstanding shares of common stock of the company.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Honda Motor Co, Inc. has recalled about 2,900 units of 2022 model year Honda TRX90X All-Terrain Vehicles (ATVs) sold in the United States for possible crash and injury hazard, according to a statement issued by the U.S. Consumer Product Safety Commission or CPSC. The Laundress, a unit of Conopco Inc. d/b/a Unilever, is recalling around 8 million laundry and household cleaning products citing risk of exposure to bacteria, U.S. Consumer Product Safety Commission. The recall involves Laundress laundry detergent, fabric conditioner and other cleaning products. Tesla Inc. has delivered its first Semi, a heavy-duty electric truck, to its customer PepsiCo Inc. during an event at its Nevada Gigafactory. The delivery of 500-mile fully electric Semi truck comes five years after the launch of the truck's prototype in 2017. During Thursday night's Semi Delivery Event at Tesla's Sparks, Nevada factory, CEO Elon Musk, with Dan Priestly, ...
RELATED NEWS
Follow RTT