Ditidu Dache Surges 90% as Tongcheng Travel Launches 1.3875 HKD Per-Share Takeover Bid

According to an announcement today (June 30), Tongcheng Travel launched a voluntary conditional cash takeover offer for Ditidu Dache through its subsidiary eLong Inc., bidding 1.3875 HKD per share, representing a 9.25% premium to yesterday's closing price. Ditidu Dache shares surged 90.6% to 2.42 HKD on the news. The total offer value is approximately 1.424 billion HKD. Five major shareholders have signed irrevocable undertakings to accept the offer, representing 53.7% of issued capital. The board also proposed a special cash dividend of 1.1745 HKD per share, subject to deal completion.
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