Chinese Portal Fang.com Forms Committee to Evaluate Buyout Offer

The struggling Chinese real estate portal company Fang.com has announced that it has formed a committee to evaluate the buyout proposal tabled by its Chairman Jiangong Dai.

The three-person committee is made up of independent directors, Huyue Zhang, Shaohua Zhang and Changming Yan and is tasked with evaluating and considering the offer made last month by Dai to take the business private with an offer of $6.19 per share.

A post on the company's website earlier in the week stated:

"The Board cautions the Company’s shareholders and others considering trading the Company’s securities that no decisions have been made with respect to the Company’s response to the Proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the Proposed Transaction, or that this or any other transaction will be approved or consummated."

When it was made public earlier this month, the offer represented a 210% premium on the closing price of the firm's American depository shares on September 1st and valued the business at $40.9 million.

Fang.com (not to be confused with FangDD) is a direct competitor of the likes of Anjuke and Leju operating a marketing, listing, financial and value-added services business model. The company's American depository shares were delisted from the New York Stock Exchange in 2022 after the company failed to file financial reports with the FTC.