Chinese online retailer Jumei announced on Feb. 25 that it has accepted a merger deal with Super ROI Global Holding Limited (Parent) and Jumei Investment Holding Limited (Purchaser). Under the agreement, the parent company and the purchaser will acquire all class A common shares and American depositary shares of the company other than the class A common shares and American Depositary Shares of the purchaser.
The parent company is wholly-owned by Leo Chen, founder and CEO of the Company. Chen, the Parent and the Purchaser (collectively, the “Buyer Group”) currently hold 50,892,198 class B ordinary shares of the Company (the “Class B Ordinary Shares”, together with the Class A Ordinary Shares, the “Shares”), representing approximately 44.6% of the outstanding Shares and 88.9% of the total voting power represented by all outstanding Shares of the Company. Jumei will ultimately stay under the leadership of Chen.
Jumei said it expected the privatisation to be completed in the second quarter of the year. Upon completion, Jumei will become a privately owned company and its ADS will no longer be listed on the NYSE.
Jumei debuted on Wall Street in 2014 in an initial public raising $245.1 million, with shares priced at $22 apiece. Jumei closed at $19.52 on Feb. 25, up 26.18%, giving it a market value of about $231 million.