Zhongpin Inc. (HOGS: Quote) announced Tuesday morning that its Board of Directors has received a preliminary, non-binding proposal from its Chairman and CEO, Mr. Xianfu Zhu, which stated that Mr. Zhu 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.
Zhongpin has gapped open higher and spiked to the upside on above average volume. The stock is now up 2.40 at $11.61 and has set a one-month high. Zhongpin has also re-crossed both its 50 and 200-day moving averages.
by RTT Staff Writer
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