On May 21 SC China Holding submitted, on behalf of a consortium of purchasers, a preliminary non-binding letter to the board of Le Gaga. In the letter, the consortium outlined its proposal for the transaction. Under the proposal, members of the consortium propose to acquire, through an acquisition vehicle to be formed by them, all of the outstanding share capital of the company, for $4.01 in cash per ADS of the company. In the proposal, the consortium stated that it has held discussions with financial institutions that have expressed interests in providing financing in connection with the transaction. In the proposal, members of the consortium also stated that they expect that the board will evaluate the proposal independently through a committee of independent directors of the board.