BEIJING, Sept. 25, 2013 /PRNewswire/ -- China Hydroelectric Corporation (NYSE: CHC, CHCWS) ("China Hydroelectric" or the "Company"), an owner, developer and operator of small hydroelectric power projects in the People's Republic of China ("PRC"), today announced that in response to the preliminary non-binding proposal, dated September 4, 2013, from NewQuest Capital Partners, through its affiliated entity, CPI Ballpark Investments Ltd, and on behalf of its affiliates and the funds managed by it (collectively, "NewQuest") to acquire all of the Company's outstanding ordinary shares, including ordinary shares represented by the Company's American depositary shares or "ADSs" (each representing three ordinary shares of the Company), not currently owned by NewQuest, the Company's Board of Directors has established a Special Committee of the Board comprised of the following three independent directors of the Company, who are not affiliated to NewQuest: Ms. Moonkyung ( Moon) Kim, Mr. Jui Kian Lim, and Mr. Allard M. Nooy. Ms. Kim is the Chairperson of the Special Committee. The Special Committee has engaged Houlihan Lokey ( China) Limited as its financial advisor and Davis Polk & Wardwell as its legal counsel to assist the Special Committee in evaluating the NewQuest proposal and other strategic alternatives, and will consider the NewQuest proposal and related matters carefully in due course.
The Board of Directors cautions the Company's shareholders and others considering trading in its securities that neither the Board of Directors nor the Special Committee has made any decision with respect to the NewQuest proposal and there can be no assurance that any definitive offer will be made by NewQuest or any other person, that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.