Oppenheimer Moves To Not Rated On CISG

Oppenheimer has removed its Outperform rating and its $20 price target and has moved to Not Rated on Cninsure Inc. CISG as the company evaluates a proposal to go private. According to Oppenheimer, “CNinsure Inc. announced on May 16 that its board of directors had received a preliminary non-binding proposal letter from existing shareholders: Chairman & CEO Yinan Yu, CDH, together with TPG Asia offered to take the company private at $19.00 per share in cash. The Board of Directors other than Yinan Yu, Qiuping Lai and Dr. Shangzhi Wu is reviewing and evaluating the proposal. We estimate $646M cash is needed to finance the deal. We are removing our Outperform rating and $20.00 price target on CISG as the shares will no longer trade on fundamentals.” CISG closed yesterday at $17.32.