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58.com Inc. (NYSE: WUBA), China's largest online classifieds marketplace, announced the completion of its merger with Quantum Bloom Company Ltd, making it a wholly-owned subsidiary of Quantum Bloom Group Ltd. Each Class A and Class B ordinary share will be exchanged for $28.00 and $56.00 in cash, respectively. The company requested NYSE to suspend trading of its ADSs and intends to deregister its securities. The merger follows shareholder approval on September 7, 2020, and aims to streamline operations and enhance value.
On September 7, 2020, 58.com Inc. (NYSE: WUBA) announced that its shareholders approved a merger agreement with Quantum Bloom Group Ltd. The approval came during an extraordinary general meeting where over 75% of votes favored the merger, allowing the company to become a private entity. Approximately 61% of outstanding shares were represented at the meeting. The merger, which is expected to be completed soon, will lead to the delisting of 58.com's American depositary shares from the New York Stock Exchange.
58.com Inc. (NYSE: WUBA) announced an extraordinary general meeting for shareholders on September 7, 2020, to vote on a merger proposal with Quantum Bloom Group Ltd. If approved, 58.com will become a privately held company, ceasing to trade on the NYSE and deregistering its American depositary shares. Shareholders as of August 14, 2020, and ADS holders as of August 10, 2020, can vote. The board unanimously supports the merger and urges shareholders to approve it. Detailed information on the merger and meeting is available via the SEC filings.
58.com (WUBA) reported its first quarter 2020 results, revealing total revenues of RMB2,560.3 million (US$361.4 million), a 15.5% year-over-year decline. The number of paying business users fell by 20.7% to approximately 2.7 million. Gross margin decreased to 87.9% from 90.2%. The company experienced an operating loss of RMB55.8 million (US$7.9 million), a significant drop from a profit of RMB281.3 million in Q1 2019. However, net income attributable to ordinary shareholders surged 134.7% to RMB1,638.6 million (US$231.3 million), largely due to a one-time gain from 58 Home.
On June 15, 2020, 58.com Inc. (NYSE: WUBA), China's largest online classifieds marketplace, announced a definitive Merger Agreement with Quantum Bloom Group, valuing the company at approximately US$8.7 billion. The deal includes cash payments of US$28.00 per Class A share and US$56.00 per American depositary share (ADS). The merger, expected to close in H2 2020, requires approval from holders representing at least two-thirds of voting Shares. The Consortium funding the deal comprises major investors including Warburg Pincus and General Atlantic.
