MBK Partners Fund IV, L.P., Baring Private Equity Asia Limited and Redstone Capital Management (Cayman) Limited, and certain existing shareholders of eHi Car Services, including L&L Horizon, LLC, an affiliate of Ray RuiPing Zhang, The Crawford Group, Inc. (“Crawford”) and Dongfeng Asset Management Co. Ltd. entered into a definitive agreement to acquire eHi Car Services Limited for approximately $950 million on April 6, 2018. Pursuant to agreement, buyers will pay $13.5 in cash per American Depositary Share or $6.75 for each common share of eHi Car Services Limited. MBK Partners Fund IV, L.P., Baring Private Equity Asia Limited and Redstone Capital Management (Cayman) Limited, and certain existing shareholders of eHi Car Services, including L&L Horizon, LLC, an affiliate of Ray RuiPing Zhang, The Crawford Group, Inc. (“Crawford”) and Dongfeng Asset Management Co. Ltd. entered into an amended merger agreement to acquire eHi Car Services Limited for approximately $870 million on February 18, 2019. Pursuant to agreement, buyers will pay $12.25 in cash per American Depositary Share or $6.125 for each common share of eHi Car Services Limited. The execution of the amended merger agreement Ocean Imagination L.P. and Ctrip Investment Holdings Ltd. are added to the original buyer group. The transaction is intended to be financed with a combination of proceeds from a committed loan facility of up to $200 million from Morgan Stanley Senior Funding, Inc. and Deutsche Bank AG, Singapore Branch, pursuant to a debt commitment letter, and cash contributions from MBK Partners Fund IV, L.P., certain affiliates of Baring Private Equity Asia Limited, Crawford and Redstone Capital Management (Cayman) Limited pursuant to their respective equity commitment letters. In case of default by ehi Car Services, a termination fee of $14.06 million shall be paid. In case of default by the buyers, the termination fee is set as $28.13 million. eHi Car Services had previously formed a special committee of three independent directors to evaluate the proposal. If the merger is consummated, eHi Car will become a wholly owned subsidiary of the holding entity created by the buyer consortium. The ADSs would be delisted from the New York Stock Exchange. The transaction is subject to approval by shareholders of eHi and regulatory approvals. eHi Car Services Limited Board of Directors, acting upon the unanimous recommendation of the special committee, approved the agreement and resolved to recommend that the eHi shareholders authorize and approve the transaction. As of March 31, 2019, eHi Car Services Limited issued notice to its shareholders for the extraordinary general meeting to be held on April 8, 2019. At the extraordinary general meeting held on April 8, 2019, eHi shareholders approved the transaction. The Board of Directors and special committee of eHi Car Services Limited recommended its shareholders to vote in favor of the transaction in extraordinary general meeting. The closing of transaction is currently expected to occur during the second or third quarter of 2018. As of April 8, 2019, the transaction is expected to close within April, 2019. Duff & Phelps, LLC acted as financial advisor for a fee of $0.7 million while Gordon K. Davidson, David Michaels and Ken Myers of Fenwick & West LLP acted as legal advisors to the Special Committee of eHi Car Services Limited. Maples and Calder (Hong Kong) LLP is serving as Cayman Islands legal counsel to the Special Committee and eHi, and Nima Amini, Portia Ku and Vincent Lin of O’Melveny & Myers LLP acted as U.S. legal counsels to eHi. Tim Gardner and William Welty of Weil, Gotshal & Manges LLP acted as U.S. legal counsels, Fangda Partners is serving as China’s legal counsel and Christopher Bickely of Conyers Dill & Pearman is serving as Cayman Islands legal counsel to the buyers. Greg Pilarowski of Pillar Legal, P.C. acted as legal advisor to L&L Horizon. Thomas A. Litz of Thompson Coburn LLP, Don S. Williams of Sheppard, Mullin, Richter & Hampton LLP, Z. Julie Gao of Skadden, Arps, Slate, Meagher & Flom and Haiping Li of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to Ctrip.com International, Ltd. (NasdaqGS:CTRP) and Ocean Imagination L.P. in the transaction.