BEIJING, April 27, 2020 /PRNewswire/ -- 58.com Inc.
(NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds
marketplace, today announced that the special committee (the
"Special Committee") of the Company's board of directors (the
"Board"), formed to evaluate and consider the previously announced
preliminary non-binding acquisition proposal letter dated
April 2, 2020 (the "Proposal") or any
alternative strategic option that the Company may pursue, has
retained Houlihan Lokey
(China) Limited as its independent
financial advisor and Fenwick & West LLP as its legal counsel
to assist it in this process.
The Board cautions the Company's shareholders and others
considering trading the Company's securities that no decisions have
been made with respect to the Proposal or any alternative strategic
option that the Company may pursue. There can be no assurance that
any definitive offer will be received, that any definitive
agreement will be executed relating to the transaction contemplated
by the Proposal or that any other transaction will be approved or
consummated. The Company does not undertake any obligation to
provide any updates with respect to any transaction, except as
required under applicable law.
About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China's largest online classifieds
marketplace, as measured by monthly unique visitors on both its
www.58.com website and mobile applications. The Company's
online marketplace enables local business users and consumer users
to connect, share information and conduct business. 58.com's broad,
in-depth and high-quality local information, combined with its
easy-to-use website and mobile applications, has made it a trusted
marketplace for consumers. 58.com's strong brand recognition, large
and growing user base, merchant network and massive database of
local information create a powerful network effect. For more
information on 58.com, please visit http://www.58.com.
Safe Harbor Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. 58.com may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about 58.com's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: 58.com's goals and strategies; its future business
development, financial condition and results of operations; its
ability to retain and grow its user base and network of local
merchants for its online marketplace; the growth of, and trends in,
the markets for its services in China; the outbreak of COVID-19 or other
health epidemics in China or
globally; the demand for and market acceptance of its brand and
services; competition in its industry in China; its ability to maintain the network
infrastructure necessary to operate its website and mobile
applications; relevant government policies and regulations relating
to the corporate structure, business and industry; and its ability
to protect its users' information and adequately address privacy
concerns. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and 58.com does not undertake any obligation to
update such information, except as required under applicable
law.
For more information, please contact:
58.com
Inc.
ir@58.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE 58.com Inc