Fushi Copperweld, Inc. (FSIN) announced that it has entered into an Agreement and Plan of Merger with entities affiliated with its Chairman and Co-Chief Executive Officer, Li Fu, and Abax Global Capital Ltd., at a price of $9.50 per share in cash.
Fushi said that under the terms of the Merger Agreement, each share of the company's common stock that is issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive $9.50 in cash without interest, except for shares owned by Fu, Abax and their respective affiliates, who currently beneficially own an aggregate of about 29.4% of the company's outstanding shares.
The transaction is currently expected to close in the fourth quarter of 2012. If completed, the merger will result in the company becoming a privately-held company, and its common stock will no longer be listed on any public market.
For comments and feedback: editorial@rttnews.com