Fang Holdings Receives "going Private" Proposal From General Atlantic Singapore Fund

(RTTNews) - Fang Holdings Limited (SFUN), a real estate Internet portal in China, said Monday that its board of directors has received a preliminary and non-binding proposal letter from General Atlantic Singapore Fund Pte. Ltd.

General Atlantic Singapore has proposed to acquire all of the outstanding shares and American Depositary Shares of Fang Holdings not currently owned by the proposing buyer in a "going-private" transaction for $1.468 per share (or $14.68 per ADS) in cash, subject to certain conditions.

The per share price represents a nearly 20 percent premium to the closing price of Fang Holdings' ADS on November 27, 2020.

According to the proposal letter, the proposing buyer plans to finance the acquisition primarily with equity capital, and possibly debt capital.

Fang Holdings said its board has just received the proposal letter and has not made any decision with respect to the company's response to the proposal. The company added there can be no assurance that any definitive offer will be made, any agreement will be executed, or this or any other transaction will be approved or consummated.