Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

58.com Shares Jump on Buyout Offer

By Ding Yi / Apr 03, 2020 04:11 PM / Business & Tech

Photo: VCG

Photo: VCG

American depositary shares (ADSs) of Chinese classifieds marketplace operator 58.com jumped nearly 13% to $52.80 on Thursday after it announced receipt of an offer to take the company private from private equity firm Ocean Link Partners.

Shanghai-based Ocean Link has offered to pay the equivalent of $55 in cash per ADS, representing an 18% premium to 58.com's closing price on Wednesday, 58.com said in a Thursday statement.

The potential buyer, which has previously invested in China’s travel sector including hotels, resorts and transportation services, plans to fund the transaction with its equity capital and money from any additional members it ushers into a consortium, and possibly with debt capital, according to the statement.

New York-listed 58.com said that its board will evaluate the proposed transaction. A week ago, the company agreed to purchase online used vehicle seller Uxin’s business-to-business auction platform for $105 million in as part of its “all-in-service” strategy.

Contact reporter Ding Yi (yiding@caixin.com)

Related: 58.com Buys Uxin’s Used Car Auction Business

Share this article
Open WeChat and scan the QR code