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BITA - Bitauto's Non-Binding Proposal Offers A Possible Arbitrage
Bitauto Holdings Limited American Depositary Shares (each representing one)
On September 13, Bitauto Holding Limited (NYSE: BITA) received a non-binding proposal from Tencent Holding Limited and Hammer Capital (together, "Buyer Consortium" or "Consortium") offering to purchase all outstanding shares not currently owned in exchange for $16 per American Depositary Share. That makes for a 6.5 percent arbitrage based on BITA's current market price.
The possibility that the parties reach an agreement is promising. With that said, there are Chinese-originated going-private offers that sit stalled for years with little explanation. Therefore, cautious optimism is necessary when considering a position in this budding arbitrage opportunity.