China In-Focus: Fushi Copperweld May Go Private
November 5, 2010 (FinancialWire) (http://www.financialwire.net/) — Fushi Copperweld, Inc. (NASDAQ: FSIN) said that its board of directors has received a proposal letter from its chairman and chief executive officer, Li Fu and Abax Global Capital to acquire all of the outstanding shares of common stock of Fushi not currently owned by Fu and his affiliates in a going private transaction for $11.50 per share in cash, subject to certain conditions.
Fu and his affiliates own around 29.2% of Fushi's common stock.
According to the proposal letter, Fu and Abax will form an acquisition vehicle for the purpose of completing the acquisition and plan to finance the acquisition with a combination of debt and equity capital.
Fushi said that the proposal letter states that the equity portion of the financing would be provided by Fu, Abax and related sources. It also states that Fu and Abax are currently in discussion to engage a financial advisor to the acquisition vehicle that will be formed by Fu and Abax.
Fushi added that its board has formed a special committee of independent directors to consider this proposal.
China-based Fushi Copperweld is a manufacturer of copper-clad bimetallic engineered conductor products for electrical, telecommunications, transportation, utilities and industrial applications.
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