{"id":389293,"date":"2020-11-30T06:33:32","date_gmt":"2020-11-30T11:33:32","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=389293"},"modified":"2020-11-30T06:33:32","modified_gmt":"2020-11-30T11:33:32","slug":"china-customer-relations-centers-inc-announces-receipt-of-preliminary-non-binding-going-private-proposal-and-formation-of-special-committee","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/china-customer-relations-centers-inc-announces-receipt-of-preliminary-non-binding-going-private-proposal-and-formation-of-special-committee\/","title":{"rendered":"China Customer Relations Centers, Inc. Announces Receipt of Preliminary Non-Binding “Going Private” Proposal and Formation of Special Committee"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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TAI’AN, China<\/span>, Nov. 30, 2020<\/span> \/PRNewswire\/ — China Customer Relations Centers, Inc. (Nasdaq: CCRC) (“CCRC<\/b>” or the “Company<\/b>“), a leading e-commerce and financial services business process outsourcing (“BPO<\/b>“) service provider in China<\/span>, today announced that its board of directors (the “Board<\/b>“) has received a preliminary non-binding proposal letter dated November 27, 2020<\/span> jointly submitted by its founder and chairman of the Board, Mr. Zhili Wang<\/span>, Mr. Debao Wang<\/span>, Mr. Guoan Xu<\/span>, Mr. Qingmao Zhang, Mr. Long Lin<\/span>, Mr. Jishan Sun<\/span> and their respective affiliated entities (collectively, the “Buyer Group<\/b>“), to acquire all of the outstanding shares of the Company not already owned by the Buyer Group in a going private transaction for $5.37<\/span> per share in cash (the “Proposa<\/b>l”). A copy of the proposal letter is attached hereto as\u00a0Annex A<\/u>.<\/p>\n

CCRC’s Board has formed a special committee of independent and disinterested directors (the “Special Committee<\/b>“) consisting of Tianjun Zhang<\/span>, Owens Meng, and Jie Xu<\/span> with Tianjun Zhang<\/span> servicing as the chairman of the Special Committee, to consider the Proposal. The Special Committee has retained Houlihan Lokey<\/span> (China<\/span>) Limited as its financial advisor\u00a0and\u00a0Hogan Lovells\u00a0as its international legal counsel\u00a0in connection with its review and evaluation of the Proposal.<\/p>\n

The Board cautions the Company’s shareholders and others considering trading in the Company’s securities that no decision has been made on the response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.<\/p>\n

\n About China Customer Relations Centers, Inc.<\/b>\n <\/p>\n

The Company is a leading e-commerce and financial services BPO service provider in China<\/span> focusing on the complex, voice-based and online-based segments of customer care services, including:<\/p>\n