Wanda Sports Group Receives Preliminary Non-Binding Proposal to Acquire the Company
Wanda Sports Group, 9/30/20
Wanda Sports Group Company Limited (the "Company") (Nasdaq: WSG), a China-based global sports events, media and marketing platform, today announced that its Board of Directors (the "Board") has received a preliminary non-binding proposal letter, dated September 30, 2020 (the "Proposal Letter"), from Wanda Sports & Media (Hong Kong) Holding Co. Limited (the "Proposing Buyer"), a wholly-owned subsidiary of Dalian Wanda Group Co. Ltd., to acquire all of the outstanding Class A ordinary shares of the Company (the "Class A Ordinary Shares"), including American depositary shares representing Class A Ordinary Shares ("ADSs," with every two ADSs representing three Class A Ordinary Shares), for USD 2.50 in cash per ADS, or USD 1.67 per Class A Ordinary Share (the "Proposed Transaction").
The Proposing Buyer beneficially owns all Class B ordinary shares of the Company, representing approximately 71.68% of all the issued and outstanding shares of the Company and approximately 91.01% of the aggregate voting power of the Company. According to the Proposal Letter, the Proposing Buyer intends to fund the consideration payable in the Proposed Transaction with equity investments or loans provided by the Proposing Buyer's affiliates or other parties. The Proposing Buyer also indicated that it is open to considering alternative structures, including an acquisition by the Company of Class A Ordinary Shares and ADSs, at the same price.
The Board plans to evaluate the Proposed Transaction.
Editor's Note: To view a copy of the Proposal Letter, please click here.
Keywords: delist Wanda Sports Group Wanda Sports & Media Internet sports Wanda Group M&A WSG
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