April 6, 2018 / 1:10 PM / 20 days ago

BRIEF-Ehi Car Services Enters Into Definitive Merger Agreement with Teamsport Parent

April 6 (Reuters) - eHi Car Services Ltd:

* EHI CAR SERVICES ENTERS INTO DEFINITIVE MERGER AGREEMENT

* TEAMSPORT PARENT WILL ACQUIRE COMPANY FOR CASH CONSIDERATION EQUAL TO US$6.75 PER COMMON SHARE OF COMPANY

* ENTERED INTO A DEFINITIVE AGREEMENT AND PLAN OF MERGER WITH TEAMSPORT PARENT LIMITED AND TEAMSPORT BIDCO LIMITED

* TEAMSPORT PARENT WILL ACQUIRE COMPANY FOR CASH CONSIDERATION EQUAL TO $13.50 IN CASH PER ADS OF COMPANY

* CONSORTIUM INTENDS TO FUND DEAL THROUGH PROCEEDS FROM LOAN FACILITY OF UP TO $200 MILLION FROM MORGAN STANLEY SENIOR FUNDING, OTHERS

* MERGER CONSIDERATION REPRESENTS INCREASE OF ABOUT 1.1% FROM ORIGINAL $6.675/SHARE & $13.35/ADS OFFER PRICE IN PROPOSAL DATED JAN 1

* CONSORTIUM INTENDS TO FUND DEAL THROUGH CASH CONTRIBUTIONS FROM MBK PARTNERS FUND,FEW AFFILIATES OF BARING PRIVATE EQUITY ASIA,OTHERS

* UPON DEAL CLOSE, TEAMSPORT PARENT LIMITED WILL BE BENEFICIALLY OWNED BY A CONSORTIUM COMPRISING NEW INVESTORS

* ROLLOVER SHAREHOLDERS, TEAMSPORT PARENT, TEAMSPORT MIDCO, ENTERED CONTRIBUTION AND SUPPORT AGREEMENT TO VOTE IN FAVOUR OF DEAL

* CONSIDERATION TO BE PAID TO HOLDERS OF SHARES AND ADSS IMPLIES AN EQUITY VALUE FOR CO OF ABOUT $937.5 MILLION

* SOLE SHAREHOLDER OF TEAMSPORT PARENT, TEAMSPORT TOPCO, SOLE SHAREHOLDER OF MIDCO ALSO ENTERED AGREEMENT TO VOTE IN FAVOUR OF DEAL

* BOARD OF DIRECTORS, ACTING UPON UNANIMOUS RECOMMENDATION OF SPECIAL COMMITTEE, APPROVED MERGER AGREEMENT Source text for Eikon: Further company coverage:

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