Fang Holdings Announces Non-Binding Proposal to Acquire All Outstanding Shares of China Index Holdings
23 Août 2022 - 12:06PM
Fang Holdings Limited (OTC: SFUNY) (“Fang” or the “Company”), a
leading real estate Internet portal in China, today announced that
it has submitted to the board of directors of China Index Holdings
Limited (NASDAQ: CIH) (“CIH”), a leading real estate information
and analytics service platform provider in China, a preliminary
non-binding proposal to acquire all outstanding Class A and Class B
ordinary shares of China Index Holdings Limited, including Class A
ordinary shares represented by American depositary shares (“ADSs”,
each representing one Class A ordinary share), that are not
currently owned by the Company in a going-private transaction at a
purchase price of US$0.84 per share or per ADS. The proposed
transaction, if completed, would result in CIH’s ADSs being
delisted from the NASDAQ Global Select Market.
The Company’s proposed purchase price represents a premium of
20.0% to the closing price of CIH’s ADS on August 22, 2022, the
last trading day prior to the date of the proposal and a premium of
approximately 22.8% to the volume-weighted average closing price of
the ADSs during the last 30 trading days prior to the date of the
proposal.
The Company expects that CIH’s board of directors will form a
special committee composed solely of independent directors to
consider its proposal with the assistance of an outside financial
advisor and legal counsel and to negotiate the proposal on behalf
of CIH.
The proposal indicates that it is the Company’s preliminary
indication of interest and does not constitute any binding
commitment with respect to the transactions proposed in the
proposal or any other transaction. No agreement, arrangement or
understanding between the Company and CIH relating to any proposed
transaction will be created until such time as definitive
documentation has been executed and delivered by the Company and
CIH and all other appropriate parties. Accordingly, there can be no
assurance that the proposal made by the Company will result in
completion of the proposed transaction or a similar transaction, or
as to the terms upon which any transaction, if a transaction is
completed, may occur.
About Fang
Fang operates a leading real estate Internet portal in China in
terms of the number of page views and visitors to its websites.
Through its websites, Fang provides primarily marketing, listing,
leads generation and financial services for China's fast-growing
real estate and home furnishing and improvement sectors. Its
user-friendly websites support active online communities and
networks of users seeking information on, and value-added services
for, the real estate and home furnishing and improvement sectors in
China. Fang currently maintains approximately 70 offices to focus
on local market needs and its website and database contains real
estate related content covering 658 cities in China. For more
information about Fang, please visit http://ir.fang.com.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. All statements other than statements of historical
fact in this announcement are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. We caution you that a number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. There can be no
assurance that the Company will make any definitive offer to CIH,
that any definitive agreement relating to the Company’s proposal
will be entered into between the Company and CIH, or that a
transaction based on the Company’s proposal or any other similar
transaction will be approved or consummated.
For investor and media inquiries, please contact:
Fang Investor Relations
Email: ir@fang.com
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