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QUNR

Qunar

$28.95

0.2 (0.70%)

04:55
10/19/16
10/19
04:55
10/19/16
04:55

Qunar enters merger agreement for going private transaction

Qunar (QUNR) announced that it has entered into a definitive agreement and plan of merger with Ocean Management Holdings, the Parent, and Ocean Management Merger Sub, a wholly owned subsidiary of Parent, pursuant to which Qunar will be acquired by Parent in a transaction implying an equity value of the company of approximately $4.44B. Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each ordinary share of the company issued and outstanding immediately prior to the effective time of the merger will be cancelled and cease to exist in exchange for the right to receive $10.13 in cash without interest, and each American depositary share of the company, representing three Shares, will be cancelled in exchange for the right to receive $30.39 in cash without interest except for Shares beneficially owned by each of Ctrip.com (CTRP), M Strat Holdings, L.P., Momentum Strategic Holdings, L.P. and certain other minority existing shareholders, Shares held by Parent, the company or any of their subsidiaries, and Shares held by the Depositary and reserved for the issuance and allocation pursuant to the Company's 2007 and 2015 share incentive plans, each of which will be cancelled and cease to exist without any conversion thereof or consideration paid therefor, and Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands, which will be cancelled and cease to exist in exchange for the right to receive the payment of appraised fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands. The merger consideration represents a premium of approximately 15% to the closing price of the company's ADSs on June 22, 2016, the last trading day prior to the Company's announcement of its receipt of a "going-private" proposal. The merger is currently expected to close during the first half of 2017.

QUNR Qunar
$28.95

0.2 (0.70%)

06/08/16
EGHT
06/08/16
NO CHANGE
EGHT
Ctrip.com, Qunar to be hurt by airlines commission change, says 86 Research
Media reports have stated that Chinese airlines will cancel or reduce the variable portion of commissions they pay to ticketing agencies, 86 Research stated. The firm says that two major Chinese airlines have confirmed the news. 86 Research believes that the change will cripple the airline businesses of Ctrip.com (CTRP) and Qunar (QUNR). 86 Research says that Ctrip.com "lacks near-term EPS support, "but it remains positive on the company's long-term outlook. The firm recommends avoiding Qunar.
06/16/16
BMUR
06/16/16
NO CHANGE
Target $52
BMUR
Buy
Ctrip.com price target lowered to $52 from $56 at Brean Capital
Brean Capital lowered its price target on Ctrip.com (CTRP) to $52 from $56 after the company posted solid results, but provided soft guidance, which was mainly attributed to the near-term revenue growth pressure from Qunar (QUNR) given the recent adjustment of the air ticketing business and the changes to Qunar's hotel business targeting profitable growth. Brean Capital views Ctrip.com as a core holding and reiterated its Buy rating on its shares.
06/16/16
LYON
06/16/16
UPGRADE
LYON
Underperform
Qunar upgraded to Underperform from Sell at CLSA (pre-open)
08/17/16
OPCO
08/17/16
NO CHANGE
Target $55
OPCO
Outperform
Ctrip.com should be bought on any near-term weakness, says Oppenheimer
Oppenheimer analyst Jed Kelly believes Ctrip.com (CTRP) will likely beat Wall Street's Q2 revenue and margin estimates given a stable travel environment. However, the analyst says that increasing competition, and Qunar's (QUNR) ongoing China Southern dispute, could produce cautious commentary around Q3 profit and cause volatility in the shares. Nonetheless, Kelly sees Ctrip.com as well positioned to gain share of China's under-penetrated online travel market, and would take advantage of any near-term weakness to accumulate shares. He reiterates an Outperform rating and $55 price target on Ctrip.com's shares.

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