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

(RTTNews) - 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.