Automotive portal operator, iCar Asia (ASX:ICQ) has received a non-binding proposal from Autohome Inc. to acquire the shares of iCar for A$0.50 cash per share by way of a scheme of arrangement.
Autohome operates an automotive Internet platform for consumers in China.
It is listed on the New York Stock Exchange with a market capitalisation of US$11.5 billion.
The proposal is subject to a number of conditions including negotiation and signing of transaction documentation, FIRB approval and iCar shareholder and court approval.
Shares in iCar Asia (ASX:ICQ) are trading 33.3 per cent higher at 44 cents.