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| Home : Hanfeng Evergreen Agrees to Further Extension of Closing of Privatization Transaction |
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May 04
2013 |
Hanfeng Evergreen Agrees to Further Extension of Closing of Privatization Transaction |
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TORONTO, ONTARIO--(Marketwired - May 3, 2013) - Hanfeng Evergreen Inc. (TSX:HF) ("Hanfeng" or the "Corporation") announced today that it has agreed to grant Xinduo Yu and 8310831 Canada Inc. (the "Purchaser"), a corporation wholly-owned by Xinduo Yu, an extension to a date up to but not later than July 3, 2013 for completion of the previously announced privatization transaction for which shareholder approval was obtained on March 15, 2013. The extension may expire earlier than July 3, 2013 if certain milestones have not been achieved by May 15, 2013 and June 6, 2013. The extension will provide Mr. Yu and the Purchaser with further time to arrange the required financing to complete the privatization transaction. In connection with the extension, the parties also agreed to remove certain "no-shop" restrictions contained in the arrangement agreement so as to permit Hanfeng to solicit and consider alternative acquisition proposals at the same time as it works toward the completion of the privatization proposal. The basic terms of the arrangement, under which the Purchaser has agreed to acquire all of the outstanding common shares of the Corporation not already owned by Mr. Yu for cash consideration of CDN$2.25 per share, otherwise remain unchanged. |
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| Source:http://www.marketwire.com/mw/release.do?id=1786557&sourceType=3 |
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