NEW YORK, June 12, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Bitauto Holdings Limited (NYSE: BITA) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed merger with Yiche Holding Limited, pursuant to which Bitauto will be acquired by an investor consortium led by Morespark Limited, an affiliate of Tencent Holdings Limited, and Hammer Capital Opportunities Fund L.P.
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On June 12, 2020, Bitauto announced that it had signed an agreement to be acquired by Yiche Holding Limited for approximately $1.1 billion. Pursuant to the merger agreement, Bitauto’s stockholders will receive $16 in cash for each ordinary share or American depositary share (“ADS”) owned. The deal is scheduled to close in the second half of 2020.
Bragar Eagel & Squire is concerned that Bitauto’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Bitauto’s stockholders.
If you own shares of Bitauto and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at email@example.com or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.