Update: HNA Group Terminates Planned Acquisition of E-commerce Firm Dangdang
HNA Technology, 9/20/18
HNA Technology Group, a subsidiary of HNA Group, announced today that it has decided to abandon its effort to acquire B2C e-commerce firm Dangdang Kewen E-commerce and its affiliate Dangdang Network Information Technology. The company said that its decision was based on significant changes in capital markets and other external environmental factors that have occurred since disclosure of its plan to acquire Dangdang, which have prevented the parties to the transaction from coming to agreement on certain contract performance terms and introduced considerable uncertainty into its restructuring project.
In response, Dangdang published a message to microblogging platform Weibo, stating that the negotiation process that followed signature of a merger agreement with HNA Technology Group on April 11, 2018 is now being terminated, but that termination of the merger will not have any effect on Dangdang's future development.
Editor's Note: For more information on this topic, please see Rumor: HNA Group Acquisition of E-commerce Firm Dangdang May Be in Jeopardy, MD 9/18/18 issue.
Keywords: e-commerce Internet B2C Dangdang HNA Group Dangdang Kewen HNA Technology M&A withdraw
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