Benzinga | Nov 30, 2020 08:19AM EST

China Index Holdings Announces Receipt Of Non-binding "Going Private" Proposal; Consideration Payable For Each Share And Each Ads To Be Acquired Will Be $2.32 In Cash

China Index Holdings Limited (NASDAQ:CIH), ("CIH" or the "Company"), a leading real estate information and analytics service platform provider in China, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter (the "Proposal Letter"), dated November 30, 2020, from General Atlantic Singapore Fund Pte. Ltd. (together with its affiliated investment entities, "General Atlantic", as the "Proposing Buyer"), proposing to acquire all of the outstanding Class A ordinary shares, with a par value of US$0.001 each and Class B ordinary shares, par value US$0.001 each (collectively, the "Shares") and the American depositary shares (each American depositary shares representing one Class A ordinary share, par value US$0.001 each, the "ADSs") of the Company not already beneficially owned by the Proposing Buyer in a "going-private" transaction. The consideration payable for each Share and each ADS to be acquired will be US$2.32 in cash, subject to certain conditions. According to the Proposal Letter, the US$2.32 per Share/ADS price represents a premium of 25% to the Company's stock price as of the close of business on November 27, 2020 and a premium of approximately 33% to the Company's 30-day volume weighted average price up to November 27, 2020.

According to the Proposal Letter, the Proposing Buyer plans to finance the acquisition primarily with equity capital, and possibly debt capital. The Proposal Letter states that the equity portion of the financing would be provided by the Proposing Buyer and additional potential buyer consortium members, if any. A copy of the Proposal Letter is attached hereto as Annex A.

The Board will evaluate the proposed transaction independently. The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the Proposal Letter and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.