O’Melveny & Myers LLP is advising China Real Estate Information Corporation (NASDAQ: CRIC), on a going-private transaction which will result in its being taken private by its controlling shareholder, E-House (China) Holdings Limited (NYSE: EJ). Under the terms of the Agreement and Plan of Merger, which was entered into on December 28, 2011, by and among CRIC, E-House and a newly formed subsidiary of E-House, each of CRIC’s ordinary shares will be converted into the right to receive US$1.75, without interest, and 0.6 E-House ordinary shares, except for shares held by E-House and certain other excluded parties, which will be cancelled in the merger for no consideration. The transaction is expected to close around the middle of 2012 and is subject to customary closing conditions, including approval by CRIC’s shareholders.
Headquartered in Shanghai, China, CRIC is a Nasdaq-listed, leading provider of real estate information, consulting, and online services with a presence in over 170 cities across China. CRIC, a subsidiary of E-House, merged with the online real estate business of SINA Corporation (NASDAQ: SINA) upon the completion of CRIC’s initial public offering and listing of CRIC 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 Web sites that provide region-specific real estate information and access to online communities.
For more information about the merger, please refer to CRIC’s filings with the Securities and Exchange Commission (SEC), which can be obtained at the SEC’s website (http://www.sec.gov).
The O’Melveny corporate team is led by partners David Roberts, Paul Scrivano, and Ke Geng, counsel Nima Amini, and associate Jim Zeng.
