E-House Holdings Limited EJ today announced it has submitted a non-binding proposal to the board of directors of China Real Estate Information Corporation CRIC to acquire through a merger all 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 the majority shareholder of CRIC owning 54.1% of CRIC's total outstanding shares.
Assuming the successful consummation of the transaction, CRIC would become a wholly-owned subsidiary of E-House.
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