This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Puda Coal Independent Committee Retains Financial Advisors In Connection With Preliminary Buy-Out Proposal From Chairman

TAIYUAN, China, June 13, 2011 /PRNewswire-Asia-FirstCall/ -- Puda Coal, Inc. (NYSE AMEX: PUDA) ("Puda Coal" or the "Company) announced today that its Independent Committee has retained Cowen and Company, LLC and Morgan Joseph TriArtisan LLC as financial advisors in connection with the previously-announced proposed preliminary buy-out offer made by Ming Zhao, the Chairman of Puda Coal, to acquire all outstanding shares of common stock of the Company. In response to the offer, the Board of Directors of the Company authorized the Independent Committee to review and evaluate the proposal and, if appropriate, negotiate its terms, and take any other action in connection therewith.

In a series of conference calls and e-mail communications over the past several weeks with lawyers from Shearman & Sterling, Mr. Zhao's legal counsel, the Independent Committee has requested a draft Merger Agreement and information and documentation from Mr. Zhao, including documentation relating to all Mr. Zhao's transactions involving Puda Coal and its subsidiaries, that will enable the Independent Committee to evaluate Mr. Zhao's preliminary proposal. Since the proposal was announced, lawyers from Shearman & Sterling have indicated to representatives of the Independent Committee that they were working to provide this information to the Independent Committee, although, to date, this information has not yet been provided. Last week, lawyers from Shearman & Sterling indicated to representatives of the Independent Committee that they hope to provide substantial additional information by June 22nd, but have not yet indicated a date by which they propose to deliver a first draft of the Merger Agreement. The Independent Committee will continue to communicate with Shearman & Sterling regarding the proposed transaction. Neither the Company nor the Independent Committee can provide any assurances that a transaction will be formally proposed, or that if proposed, a definitive agreement will be executed or approved or that a transaction will be consummated.  

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Company Contact:Investor Relations Contact:Crocker Coulson, PresidentCCG Investor RelationsTel:   +1-646-213-1915Email: crocker.coulson@ccgir.com

Elaine Ketchmere, PartnerTel:   +1-310-954-1345Email: elaine.ketchmere@ccgir.com

SOURCE Puda Coal, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs