Dangdang Forms Independent Special Committee To Consider Going Private Proposal

(RTTNews) - E-Commerce China Dangdang Inc. (DANG) Monday said its board of directors has formed a special committee consisting of three independent, disinterested directors, Ruby Rong Lu, Ke Zhang and Xiaolong Li, to consider the non-binding "going private" proposal that the Board received on July 9.

Ruby Rong Lu will chair the special committee. The special committee intends to retain independent legal and financial advisors in due course, to assist it in this process.

As previously reported, the board received a preliminary non-binding proposal letter from Ms. Peggy Yu Yu, Chairwoman of the Board of Directors of the company, and her spouse, Guoqing Li, Chief Executive Officer and director of the company, to acquire all outstanding common shares of the company not beneficially owned by them or their affiliates, including Class A common shares represented by American depositary shares, for $7.812 per ADS in cash, or $1.5624 per Class A common share.