The BRAKE Report
  • Home
  • News
    • Automotive
    • Commercial Vehicle
    • Motorcycle/ATV
    • Motorsports
    • Rail
    • Other
  • Interviews
    • Coffee Brake
    • Leadership Spotlight
  • Technical Articles
  • Test Drives
  • Brake Careers
  • Sponsors
  • Subscribe
Thursday, April 15
  • About
  • Contact
  • Sponsorship Guide
Facebook Twitter Instagram YouTube LinkedIn
The BRAKE Report
  • Home
  • News
    • Automotive
    • Commercial Vehicle
    • Motorcycle/ATV
    • Motorsports
    • Rail
    • Other
  • Interviews
    • Coffee Brake
    • Leadership Spotlight
  • Technical Articles
  • Test Drives
  • Brake Careers
  • Sponsors
  • Subscribe
The BRAKE Report
Home » Uncategorized » SORL Auto Parts Agrees to Merger
Uncategorized

SORL Auto Parts Agrees to Merger

The Brake ReportBy The Brake ReportDecember 2, 2019No Comments2 Mins Read
Sorl
  • LinkedIn
  • Twitter
  • Facebook
  • Print

Source: SORL Auto Parts

ZHEJIANG, China — SORL Auto Parts, Inc. (NASDAQ: SORL) (“SORL” or the “Company”), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, announced it has entered into an Agreement and Plan of Merger with Ruili International Inc. (“Parent”). The Parent is a Delaware corporation and formed on behalf of a consortium consisting of Xiao Ping Zhang, the Company’s Chairman and Chief Executive Officer, Shu Ping Chi and Xiao Feng Zhang, directors of the Company, and Ruili Group Co., Ltd. (collectively, the “Consortium”), and Ruili International Merger Sub Inc. (“Merger Sub”), a Delaware corporation and a wholly-owned subsidiary of Parent.

Pursuant to the Merger Agreement, subject to the satisfaction or waiver of all of the conditions to closing:

  • Merger Sub will merge with and into the Company, with the Company will thereafter continue as the surviving corporation and a wholly owned subsidiary of Parent (the “Merger”); and
  • at the effective time of the Merger, each share of common stock of the Company issued and outstanding immediately prior to the effective time will be automatically canceled and converted into the right to receive US$4.72 in cash (the “Merger Consideration”), without interest, except for (i) shares of common stock beneficially owned by members of the Consortium or their affiliates, which will be cancelled for no consideration, and (ii) shares of common stock owned by stockholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger pursuant to Section 262 of the General Corporation Law of the State of Delaware, which will be cancelled at the effective time of the Merger for the right to receive the fair value of such shares determined in accordance with the provisions of Section 262 of the General Corporation Law of the State of Delaware.

The entire announcement can be read by clicking on this sentence.

The Brake Report
The Brake Report
  • Website
  • Facebook
  • Twitter
  • Instagram
  • LinkedIn

The BRAKE Report is an online media platform dedicated to the automotive and commercial vehicle brake segments. Our mission is to provide the global brake community with the latest news & headlines from around the industry.

Related Posts

Senior Account Manager, Hagman Search Group

Passive Safety Manager // 0007

October 26, 2020
Senior Account Manager, Hagman Search Group

Senior Design Engineer // 0009

October 5, 2020
Senior Account Manager, Hagman Search Group

Product Development Engineer // 0008

September 29, 2020
Industry Partners
Official Media Partner of
About

The BRAKE Report is an online media platform dedicated to the automotive and commercial vehicle brake segments. Our mission is to provide the global brake community with the latest coverage of news & insights from around the industry.

Latest News
dRISK has presented a technology to retrain AV systems to enhance their safety

dRISK Presents Breakthrough AV Safety Technology

April 14, 2021
A Western Intarnational Freightliner Cascadia equipped with Detroit Assurance 5.0 to provide a safer driving experience

Western International Fleet Safety Enhanced by Detroit Assurance System

April 14, 2021
Translate:

Type above and press Enter to search. Press Esc to cancel.