SHANGHAI, Oct. 28, 2011 /PRNewswire-Asia-FirstCall/ --
China Real Estate Information Corporation ("CRIC" or the "Company")
(NASDAQ: CRIC), a leading provider of real estate information,
consulting and online services in China, today announced that its board of
directors has received a non-binding proposal from E-House
(China) Holdings Limited
("E-House") (NYSE: EJ) to acquire through a merger all of the
outstanding shares of CRIC that are not owned by E-House. E-House
has proposed a fixed consideration consisting of $1.60 cash and 0.6 E-House shares for each CRIC
share. E-House is currently the majority shareholder of CRIC owning
54.1% of the total outstanding shares. Assuming the successful
consummation of the proposed transaction, CRIC would become a
wholly-owned subsidiary of E-House.
CRIC's board of directors is considering forming a special
committee of selected directors not affiliated with E-House (the
"Special Committee") to review the proposed transaction. The
Special Committee may retain independent advisors, including an
independent financial advisor, to assist it in its work. No
decisions have been made by CRIC's board of directors with respect
to its response to E-House's 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 receive
necessary approvals or be consummated.
About CRIC
China Real Estate Information Corporation ("CRIC") (NASDAQ:
CRIC) is a leading provider of real estate information, consulting
and online services with a presence in over 160 cities across
China. CRIC, a subsidiary of
E-House (China) Holdings Limited
(NYSE: EJ), merged with the online real estate business of SINA
Corporation (NASDAQ: SINA) upon the completion of CRIC's initial
public offering and listing of its ADSs on the NASDAQ Global Select
Market in October 2009. Leveraging
its proprietary, advanced and comprehensive real estate information
database and analysis system, CRIC provides a broad range of real
estate-related services to all participants in the real estate
value chain, including developers, suppliers, agents, brokers,
service providers and individual consumers. CRIC's services include
subscription-based information services, customized consulting
services and online services through several real estate websites
that provide region-specific real estate information and access to
online communities. For more information about CRIC, please visit
http://www.cric.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements can be identified by terminology such as
"may," "will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "likely to" or other similar expressions. CRIC
may also make written or oral forward-looking statements in its
reports filed or furnished with the U.S. Securities and Exchange
Commission, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about CRIC's beliefs and expectations, are
forward-looking statements and are subject to change.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained, either expressly
or impliedly, in any of the forward-looking statements in this
press release. These factors include the risk factors detailed in
CRIC's filings with the U.S. Securities and Exchange Commission.
All information provided in this press release is current as of the
date of this press release, and CRIC does not undertake any
obligation to update any such information, except as required under
applicable law.
For investor and media inquiries please contact:
In China:
Michelle Yuan
Director, Investor Relations
China Real Estate Information Corporation
Phone: +86 (21) 6086-7369
E-mail: michelleyuan@cric.com
Derek Mitchell
Ogilvy Financial, Beijing
Phone: +86 (10) 8520-6284
E-mail: cric@ogilvy.com
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
Phone: +1 (646) 460-9989
E-mail: cric@ogilvy.com
SOURCE China Real Estate Information Corporation