SORL Auto Parts committee retains financial, legal advisors
SORL Auto Parts announced that, on July 1, the Special Committee of independent directors of the company has engaged Duff & Phelps as its independent financial advisor and engaged Gibson, Dunn & Crutcher LLP Beijing Representative Office as its independent legal counsel on June 18. In May, in response to a preliminary non-binding proposal letter, dated April 25, from Xiaoping Zhang, the Chairman and CEO of the company, Shuping Chi and Xiaofeng Zhang, directors of the company, and Ruili Group Co., Ltd. to acquire all of the outstanding shares of the company not owned by them or their affiliates, the company increased the size of its board of directors from seven to nine and appointed Xiao Lin and Binghua Feng as independent directors to fill newly created vacancies. Thereafter, the Board formed a special committee of independent directors consisting of Xiao Lin and Binghua Feng to review, evaluate and negotiate the Proposal and any alternative thereto and to make a recommendation with respect to the Proposal and any alternative thereto. The company cautions its shareholders and others considering trading in its securities that neither the Special Committee nor the Board has set a definitive timetable for the completion of its evaluation of the Proposal or to make any decision with respect to the company'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 the Proposal or any other transaction will be approved or consummated.