Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Zhongpin Establishes Committee To Evaluate Non-binding Going Private Proposal

Zhongpin Inc. (HOGS: Quote) said it has established a special committee of its board of directors to consider the preliminary, non-binding proposal received from Zhongpin's chairman and chief executive, Xianfu Zhu, on March 27, 2012 to buy all of the outstanding shares of the company not currently owned by him in a going private transaction.

The Special Committee is composed of the following independent directors of the company: Raymond Leal, Xiaosong Hu, and Yaoguo Pan. The Special Committee has retained Akin Gump Strauss Hauer & Feld LLP as its legal advisor and intends to retain independent financial advisors to assist it in its evaluation of the Zhu Proposal and any additional proposal that may be made by Zhu and his affiliates, if any.

Click here to receive FREE breaking news email alerts for Zhongpin, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Oracle Corp. said Wednesday after the markets closed that its second quarter profit fell 2% from last year, hurt mainly by higher income tax expenses even as revenue increased 3%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Apple's iPhone-based Apple Pay system is gaining momentum nationwide with a host of new banks and retailers signing on. The system allows users to link a credit card directly to their device for payments and Apple now says they have deals with banks that account for 90 percent of the debit card transactions in the US. The current drop in fuel prices could lead to a major sales dip for electric automaker Tesla, according to some industry experts. The Elon Musk led manufacturer had predicted sales of over 500,000 new vehicles by 2020, but now that number could fall by as much as 40 percent.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.