BEIJING (dpa-AFX) - Fang Holdings Limited (SFUNY) said it has received a preliminary non-binding proposal letter from Jiangong Dai, proposing to acquire all outstanding Class A ordinary shares and Class B ordinary shares of the Company, including Class A Shares represented by American depositary shares, that are not currently owned by the Proposing Buyer in a 'going-private' transaction at a proposed purchase price of US$0.619 per Class A Share or US$6.19 per ADS in cash.
According to the Proposal Letter, the US$6.19 per ADS price represents a premium of approximately 210% to the closing price of the ADSs on September 1, 2023.
Fang noted that its board intends to form a special committee of independent and disinterest directors to consider the proposed transaction and make a recommendation to the Board.
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