Smart Share gets $1.77 per ADS proposal to be acquired by Hillhouse consortium

Smart Share (EM) announced that the board of directors received a preliminary non-binding proposal letter from Hillhouse Investment to acquire all of the outstanding ordinary shares of the company that are not already beneficially owned by Hillhouse or the Management Members for $1.77 per ADS, subject to the acceptance by the management members of the similar rollover arrangement in the merger agreement. On August 1, the company announced that it had entered into a definitive agreement and plan of merger, pursuant to which the company will be acquired by Trustar Mobile Charging, Mars Guangyuan Cai, chairman of the board and CEO of the company, Peifeng Xu, director and president of the company, and others as part of a consortium. The special committee of the company’s independent directors, which was formed following receipt of a preliminary non-binding proposal letter, dated January 5, from the consortium will continue to consider and evaluate all options for the best interests of shareholders with the assistance of the special committee’s independent financial and legal advisors.