Ctrip.com $1.3 billion shelf takedown

Overview:

• Ctrip.com International (Ctrip) a a travel service provider has undertaken a shelf takedown of 28.5 million American depository shares (ADS). The total proceeds of the shelf takedown were $1.3 billion. 
• With the ADS Offering, Ctrip closed private placements of its ordinary shares with the subsidiaries of Baidu and The Priceline Group at an aggregate investment amount of $100 million and $25 million respectively.
• Ctrip plans to use the proceeds from the ADS Offering for organic growth of Ctrip's business, acquisitions of and investments in complementary businesses and assets, and other general corporate purposes. 
• JPMorgan Securities and Morgan Stanley acted as the joint book-running managers for the ADS Offering.
• Skadden, Arps, Slate, Meagher & Flom advised Ctrip as the US counsel.
• Commerce & Finance Law Offices advised Ctrip as to PRC law.
• Maples and Calder advised Ctrip as to Cayman Islands law and British Virgin Islands law.
• Li & Partners advised Ctrip as to Hong Kong law.
• Tsar & Tsai Law Firm advised Ctrip as to Taiwan law.
• Davis Polk & Wardwell (James Lin, John Brandow, Michael Farber, Barry Gewolb, Won Lee, Bo Huang, Veronica Orecharova) advised the underwriters.

Wai Yee Tsang - Journalist - Asia Pacific