安博凯私有化神州租车(0699.HK)正式展开，持股者应尽快完成正确选择

Core Viewpoint - The voluntary cash acquisition offer for Shenzhou Car Rental has officially commenced, with MBK Partners' Indigo Glamour Company Limited initiating the process after meeting all preconditions [1] Group 1: Acquisition Details - The acceptance period for the offer runs from February 1 to February 22, with a mandatory acquisition threshold set at 90% of the shares within four months if accepted [1] - MBK Partners currently holds 47.44% of Shenzhou Car Rental's shares, including a 20.86% acquisition from Shenzhou Youche and agreements with Lenovo Holdings for an additional 26.56% [1] Group 2: Potential Benefits of Acceptance - The acquisition is expected to accelerate Shenzhou Car Rental's recovery from challenges faced due to intensified competition and adverse events like the Luckin Coffee scandal and the COVID-19 pandemic [3] - MBK Partners, managing over $23 billion, has a strong track record and experience in the automotive rental market, which could lead to significant business integration opportunities [3] - A successful privatization would stabilize the shareholding structure, enhancing strategic and management decision-making consistency [3] Group 3: Attractive Exit for Existing Shareholders - The low liquidity of Shenzhou Car Rental's shares, averaging only 0.54% of total shares traded over the last six months, makes the acquisition offer an appealing exit strategy for minority shareholders [4] - The offer price of HKD 4 per share represents a 17.99% premium over the last trading day price and a 52.17% premium over the average price of the last 30 trading days [4] Group 4: Risks for Non-Accepting Shareholders - Non-accepting shareholders may face uncertainties in short-term operations, with the ongoing pandemic potentially hindering recovery in public travel demand [7] - The risk of increased opportunity costs and potential long-term suspension of trading exists if the public shareholding falls below 21.6% after the offer period [8] Conclusion - The privatization offer from MBK Partners aligns with the interests of shareholders and is likely to succeed, raising questions about the future dynamics in the car rental industry post-privatization [10]