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| Home : Hanfeng Evergreen Enters Into Agreement to Be Taken Private at CDN$2.25 in Cash Per Share |
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Feb 11
2013 |
Hanfeng Evergreen Enters Into Agreement to Be Taken Private at CDN$2.25 in Cash Per Share |
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TORONTO, ONTARIO--(Marketwire - Feb. 11, 2013) - Hanfeng Evergreen Inc. (TSX:HF) ("Hanfeng" or the "Corporation") announced today that Hanfeng, Mr. Xinduo Yu ("Mr. Yu") and 8310831 Canada Inc. (the "Purchaser"), a corporation wholly-owned by Mr. Yu, have entered into an arrangement agreement under which the Purchaser will 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 (the "Consideration"). The transaction is proposed to be effected by way of a court-approved statutory plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement"). Mr. Yu is the Corporation's Chief Executive Officer and beneficially owns, or has control or direction over, approximately 20.4% of Hanfeng's outstanding common shares. This proposal by Mr. Yu to acquire Hanfeng (the "Privatization Proposal") was previously announced on January 8, 2013. |
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| Source:http://www.marketwire.com/mw/release.do?id=1755196&sourceType=3 |
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