CCRC announces receipt of non-binding 'going private' proposal at $16 per share
China Customer Relations Centers announced that its board of directors has received a preliminary non-binding proposal letter dated November 10, 2018 jointly submitted by its founder and chairman of the Board, Zhili Wang, and Guangzhou Cornerstone Asset Management, to acquire all of the outstanding shares of CCRC not currently owned by them in a going private transaction for $16 per common share in cash. CCRC's Board has formed a special committee of independent and disinterested directors consisting of Tianjun Zhang, Owens Meng, and Jie Xu, to consider this proposal. The Independent Committee intends to retain a financial advisor and legal counsel to assist it in its work. The Board cautions the company's shareholders and others considering trading in its securities that the Board just received the preliminary non-binding proposal from Wang and Cornerstone, and no decisions have been made by the Independent Committee with respect to CCRC's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.