December 22, 2016 / 11:58 AM / 8 months ago

BRIEF-Renren announces formation of special committee and receipt of preliminary non-binding proposal

Dec 22 (Reuters) - Renren Inc

* Renren announces formation of special committee and receipt of preliminary non-binding proposal

* Preliminary non-binding proposal would value SpinCo at $500 million, net of debt

* Board of directors of company has formed a special committee to review terms of a proposed spin-off

* Board received a preliminary non-binding proposal to purchase any shares of SpinCo that are not distributed in proposed spin-off

* Renren Inc says proposal from Joseph Chen, co's CEO, James Jian Liu and Softbank Group Capital Limited, an affiliate of SB Pan Pacific Corporation Source text for Eikon: Further company coverage:

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