Courtesy of Benzinga.
SORL Auto Parts, Inc. (NASDAQ: SORL) announced Friday, that its board of directors (the “Board”) has received a preliminary non-binding proposal letter, dated October 30, 2015, from Mr. Xiaoping Zhang, Chairman and Chief Executive Officer of the Company, Ms. Shuping Chi and Mr. Xiaofeng Zhang, directors of the Company (collectively, the “Consortium Members”), to acquire all of the outstanding shares of the Company not owned by them or their affiliates for US$2.84 in cash per share. The Consortium Members currently own in the aggregate approximately 58.8 percent of the total outstanding common shares of SORL. A copy of the proposal letter is attached hereto as Exhibit A.
The Board intends to form a special committee consisting of independent directors to consider the proposal. The Board expects that the special committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process.
The Board cautions the Company’s shareholders and others considering trading the Company’s securities that the Board has just received the proposal letter and has not had an opportunity to carefully review
