ZHEJIANG, China, July 8, 2019 /PRNewswire/ -- SORL Auto Parts, Inc. (SORL) ('SORL' or the 'Company'), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, today announced that, on July 1, 2019, the Special Committee of independent directors of the Company has engaged Duff & Phelps, LLC as its independent financial advisor and engaged Gibson, Dunn & Crutcher LLP Beijing Representative Office (USA) as its independent legal counsel on June 18, 2019.
In May, in response to a preliminary non-binding proposal letter (the 'Proposal'), dated April 25, 2019, from Mr. Xiaoping Zhang, the Chairman and Chief Executive Officer of the Company, Ms. Shuping Chi and Mr. 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 (the 'Board') from seven (7) to nine (9) and appointed Mr. Xiao Lin and Mr. Binghua Feng as independent directors to fill newly created vacancies. Thereafter, the Board formed a special committee of independent directors consisting of Mr. Xiao Lin and Mr. 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.
SORL Auto Parts Inc. published this content on 11 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 July 2019 01:27:09 UTC