The Company's board of directors, acting upon the unanimous recommendation of the special committee formed by the Company's board of directors (the "Special Committee"), approved the Merger Agreement and the Merger and resolved to recommend that the Company's shareholders vote to approve the Merger Agreement and the Merger. The Special Committee, which is composed solely of CRIC directors unrelated to E-House or Merger Sub, negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.In addition to certain other customary closing conditions, the Merger is subject to the approval of the Merger Agreement and the Merger by an affirmative vote of shareholders representing (1) two-thirds or more of the ordinary shares present and voting in person or by proxy at a meeting of the Company's shareholders which will be convened to consider the approval of the Merger Agreement and the Merger, and (2) a majority of the outstanding CRIC shares (other than the Excluded CRIC Shares). E-House currently owns approximately 54.1% of the outstanding CRIC shares and has advised the Company's board of directors that it intends to vote in favor of the approval of the Merger Agreement and the Merger. The Company currently expects the Merger to close around the middle of 2012. However, there can be no assurance that the Merger will be completed by or around the middle of 2012 or at all. If completed, the Merger will result in the Company becoming a privately-held and wholly-owned subsidiary of E-House and CRIC ADSs will no longer be listed on the NASDAQ Global Select Market.
CRIC Enters Into Definitive Merger Agreement With E-House Relating To Going Private Transaction
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