Fang Holdings Receives Non-Binding 'Going Private' Proposal

(RTTNews) - 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.