Country Style Cooking Gets Non-Binding 'Going Private' Proposal At $5.23/ADS

(RTTNews) - Country Style Cooking Restaurant Chain Co., Ltd (CCSC), a quick service restaurant chain in China, announced that its Board of Directors has received a non-binding proposal letter, dated August 14, 2015, from Ms. Hong Li, Co-Founder and Chairwoman of the Board, Mr. Xingqiang Zhang, Co-Founder, Chief Executive Officer and Director of the Company, and Sky Success Venture Holdings Limited, proposing a "going-private" transaction to acquire all of the outstanding ordinary shares of the Company not already owned by Ms. Li, Mr. Zhang and Sky Success Venture Holdings Limited or their respective affiliates for $5.23 in cash per American depositary share, each representing four ordinary shares.

The proposed purchase price represents a premium of 18.9% to the closing trading price of the Company's ADS on August 13, 2015, the last trading day prior to the date hereof.

Ms. Li, Mr. Zhang, Sky Success Venture Holdings Limited and their respective affiliates currently beneficially own an aggregate of approximately 56.9% of the Company's total issued and outstanding shares.

According to the proposal letter, Ms. Li, Mr. Zhang and Sky Success Venture Holdings Limited intend to fund the consideration payable in the Transaction with a combination of debt and equity capital.

The Board has formed a special committee comprised of independent and disinterested directors. The Board has authorized the special committee to retain independent legal and financial advisors to assist it in evaluating the Transaction.

The Board cautioned the Company's shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from Ms. Li, Mr. Zhang and Sky Success Venture Holdings Limited and no decisions have been made with respect to the Company's response to the Transaction.