Thursday, April 30, 2015 2:46:22 PM
distributed by noodls on 04/30/2015 12:07
BEIJING, April 30, 2015 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), a leading real-name social networking internet platform in China, announced today the results of its previously announced Dutch auction tender offer to purchase for cash up to $50 million in value of its American Depositary Shares (the "ADSs"), each representing three Class A ordinary shares of the Company, par value $0.001 per share, at a purchase price not greater than $2.75 per ADS nor less than $2.40 per ADS (in each case less a cancellation fee of $0.05 per ADS to be paid to the Company's ADS depositary), which expired at midnight, Eastern Daylight Time, on Wednesday, April 29, 2015.
Based on the count by Citibank, N.A., the depositary for the tender offer, an aggregate of 154,643 ADSs were properly tendered and not withdrawn at prices at or below $2.75, including 20,200 ADSs tendered by Notice of Guaranteed Delivery. Accordingly, pursuant to the terms of the tender offer and applicable securities laws, the Company has accepted for purchase 154,643 ADSs at a purchase price of $2.75 per ADS (less a cancellation fee of $0.05 per ADS to be paid to the Company's ADS depositary). The aggregate purchase price that the Company will pay for the ADSs will be $425,268.25, including the cancellation fee and excluding other fees and expenses relating to the tender offer.
The Company has instructed the depositary for the tender offer to promptly make payment on its behalf for the ADSs validly tendered and accepted for purchase. Immediately following its purchase of the tendered ADSs, the Company expects to have 713,882,448 Class A ordinary shares (including Class A ordinary shares represented by ADSs) and 305,388,450 Class B ordinary shares issued and outstanding.
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