Jiangong Dai, Chairman of Fang Holdings Limited (OTCPK:SFUN.Y) made a preliminary non-binding proposal letter to acquire remaining 90% stake in Fang Holdings Limited for approximately $370 million on September 4, 2023. Jiangong Dai will acquire all outstanding Class A ordinary shares and Class B ordinary shares of Fang Holdings in a ?going-private? transaction at a proposed purchase price of $0.619 per Class A Share or $6.19 per ADS in cash. Jiangong Dai intends to finance the proposed acquisition with cash on hand.
Fang Holdings' board of directors formed a special committee consisting of three independent directors, Huyue Zhang, Shaohua Zhang and Changming Yan to evaluate and consider the transaction.