September 30, 2016 / 10:16 AM / a year ago

BRIEF-Renren announces intention to undertake spin-off

Sept 30 (Reuters) - Renren Inc

* Plans to distribute no less than 80 percent of shares of spinco to shareholders that exercise rights and intends for such distribution to qualify, for tax purposes

* Says company plans to distribute rights, exercisable for shares in Spinco, to company's shareholders on a pro rata basis

* Says to spin off newly formed unit that will hold woxiu.com and most of company's investments in minority stakes in privately held companies

* Intends for the distribution to qualify, for U.S. tax purposes, as a tax-free distribution to company's U.S. Shareholders

* Says following spin-off, Spinco will be a privately held company not subject to public company reporting requirements

* Will distribute cash in lieu of fractional rights and cash to holders of rights who cannot exercise or who choose not to exercise their rights Source text for Eikon: Further company coverage:

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