Reuters – Fushi Copperweld Going Private

Chinese wire maker Fushi Copperweld Inc said it has agreed to be taken private by a group led by its co-chief executive, in a deal valuing the company at about $364 million, Reuters wrote. Co-CEO Li Fu and private equity firm Abax Global Capital will pay Fushi shareholders $9.50 per share in cash, a 21 percent premium to the stock’s Thursday close.

(Reuters) – Chinese wire maker Fushi Copperweld Inc said it has agreed to be taken private by a group led by its co-chief executive, in a deal valuing the company at about $364 million.

 

Co-CEO Li Fu and private equity firm Abax Global Capital will pay Fushi shareholders $9.50 per share in cash, a 21 percent premium to the stock’s Thursday close.

 

Fu, Abax and their affiliates currently own about 29 percent of the company’s stock.

 

Fushi said the deal, which has no financing condition, was approved by the board following the recommendation of its Special Committee.

 

Fu and his affiliates had initially offered to buy the company in 2010. The company rejected a revised offer in December last year.

 

 

 

 

 

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