- Zhongpin Inc. announced that its Board of Directors has received a preliminary, non-binding proposal from its Chairman and Chief Executive Officer, Mr. Xianfu Zhu.
Xianfu Zhu, chairman and chief executive officer of the company, intends to acquire all of the outstanding shares of the company's common stock not currently owned by him in a going private transaction at a proposed price of $13.50 per share in cash.
Zhu currently beneficially owns approximately 17.5% of the Zhongpin's common stock.
The Company's Board of Directors intends to form a special committee of independent directors to consider this proposal and any additional proposal that may be made by Mr. Zhu and his affiliates, if any.
There can be no assurance that any definitive offer will be made, that any agreement will be executed or that a transaction with Mr. Zhu or any other transaction will be approved or consummated.
Zhongpin Inc. is a leading meat and food processing company that specialises in pork and pork products, vegetables, and fruits in China. Its distribution network in China covers 20 provinces plus Beijing, Shanghai, Tianjin, and Chongqing and includes 3,428 retail outlets as of December 31, 2011. Zhongpin's export markets include Europe, Hong Kong, and other countries in Asia.
Source: Zhongpin Inc.