BEIJING (dpa-AFX) - eLong, Inc. (LONG), a mobile and online travel service provider in China, said the special committee of the company's board of directors has retained Duff & Phelps as its financial advisor and Kirkland & Ellis as its legal counsel in connection with its review and evaluation of the previously-announced non-binding 'going private' proposal from Tencent Holdings Limited received on August 3.
The company had said earlier this month that it received a preliminary non-binding proposal from Tencent Holdings Ltd for a going private transaction.
Tencent has proposed to buy all outstanding ordinary shares of eLong not beneficially owned by TCH Sapphire Ltd, a subsidiary of Tencent, for $18 in cash per American depositary share.
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