China Shenghuo Pharmaceutical Holdings, Inc. (CKUN.PK announced that the special committee has accepted an offer from Lan's Int'l Medicine Investment Co., Limited or "LIMI" to take the Company private by effecting a reverse stock split followed by a cancellation of all fractional shares below one whole share at a per share price of $0.16. LIMI has agreed to fund the payout of fractional shares.
LIMI increased the price to $0.16 per share and considering various factors including the fairness opinion rendered by National.
LIMI currently owns approximately 77.3% of the Company's outstanding common stock.
In February 2013, China Shenghuo Pharmaceutical Holdings announced that its Board received a preliminary, non-binding proposal from Lan's Int'l Medicine Investment Co., Limited , in which LIMI proposed that the Board consider a "going private" transaction to cash out the public shareholders of the Company at a price of $0.15 per share, to be funded by LIMI if necessary.
For comments and feedback: editorial@rttnews.com