AutoNavi Forms Independent Committee and Appoints Financial Advisor and Legal Counsel
26 2월 2014 - 5:00PM
AutoNavi Holdings Limited (Nasdaq:AMAP) ("AutoNavi" or the
"Company"), a leading provider of digital map content and
navigation and location-based solutions in China, today announced
that its board of directors has formed a committee composed of
three of its disinterested directors, Daqing Dave Qi, Hongyi Zhou
and Catherine Qin Zhang (the "Independent Committee") with Daqing
Dave Qi serving as the chairman of the Independent Committee, to
evaluate the previously announced preliminary non-binding proposal
received by the Company's board of directors on February 10, 2014
from Alibaba Group Holding Limited ("Alibaba") to acquire all of
the American depositary shares and ordinary shares of the Company
not already beneficially owned by Alibaba for US$21 in cash per
American depositary share, each representing four ordinary shares
(the "Proposed Transaction").
The Independent Committee has selected Lazard as its financial
advisor and Kirkland & Ellis International LLP ("Kirkland &
Ellis") as its United States legal counsel. Lazard and Kirkland
& Ellis will assist the Independent Committee in its work in
connection with the Proposed Transaction and any potential
alternatives. The Company is advised by Skadden, Arps, Slate,
Meagher & Flom LLP.
No decisions have been made by the Independent Committee with
respect to the Company's response to the Proposed Transaction, and
there can be no assurance that any definitive offer will be made,
that any definitive agreement will be executed relating to the
Proposed Transaction or any other transaction, or that the Proposed
Transaction or any other transaction will be approved or
consummated. The Company does not undertake any obligation to
provide any updates with respect to the Proposed Transaction or any
other transaction, except as required under applicable law.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further
information regarding these and other risks is included in the
Company's annual report on Form 20-F as well as in its other
filings with the Securities and Exchange Commission. All
information provided in this press release is current as of the
date of the press release, and the Company undertakes no duty to
update such information, except as required under applicable
law.
About AutoNavi Holdings Limited
AutoNavi Holdings Limited (Nasdaq:AMAP) is a leading provider of
digital map content and navigation and location-based solutions in
China. At the core of its business is a comprehensive nationwide
digital map database that covers approximately 3.6 million
kilometers of roadway and over 20 million points of interest across
China. Through its digital map database and proprietary technology
platform, AutoNavi provides comprehensive, integrated navigation
and location-based solutions optimized for the China market,
including mobile location-based solutions and Internet
location-based solutions, automotive navigation solutions, and
public sector and enterprise applications. For more information on
AutoNavi, please visit http://www.autonavi.com.
CONTACT: For further information, please contact:
In China:
Investor Relations
AutoNavi Holdings Limited
Tel: +86-10-8410-7883
E-mail: ir@autonavi.com
Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073
E-mail: amap@ogilvy.com
In the U.S.:
Justin Knapp
Ogilvy Financial, New York
Tel: +1-616-551-9714
E-mail: amap@ogilvy.com
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