Tracking Alpha

What are American depositary shares (ADS)?

What it means and how to read it on a deal.

Certificates that trade in the US and stand for shares of a non-US company, each for a set number of its shares.

Also calledPrice per ADSShares per ADS

How to read it

When the target's US-listed shares are ADSs, the checklist gives the cash price per ADS and how many shares one ADS represents.

Tracking AlphaBy Jera Value

OfferThe cash price per share the buyer has agreed to pay, as the agreement now stands.
Listing and price currencyThe exchange the filings say the target's shares trade on, and the currency the cash price is written in.

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