Special Committee Of Fushi Copperweld, Inc. Announces Receipt Of Revised 'Going Private' Proposal At $9.25 Per Share
BEIJING, Nov. 21, 2011 /PRNewswire/ -- The Special Committee of the Board of Directors of Fushi Copperweld, Inc. ("Fushi" or the "Company") (Nasdaq: FSIN) today announced that it has received a revised proposal from its Chairman and Co-Chief Executive Officer, Mr. Li Fu and Abax Global Capital ( Hong Kong) Limited on behalf of funds managed by it and its affiliates ("Abax"), for Mr. Fu and Abax to acquire all of the outstanding shares of Common Stock of Fushi not currently owned by Mr. Fu and his affiliates in a going private transaction for $9.25 per share in cash, subject to certain conditions.
The Special Committee noted that the revised proposal is lower than the $11.50 per share in cash proposal previously submitted by Mr. Fu and Abax, does not contain customary financing commitments and is still highly conditional. For several months the Special Committee of Fushi's Board of Directors has been actively engaged with Mr. Fu and Abax and their advisors regarding their $11.50 per share proposal, and has been considering a number of other strategic alternatives to maximize value for all Fushi shareholders that are not participating in the Fu/Abax buyout proposal, including, among other things, a potential sale of the Company or remaining an independent public company.
Consistent with its fiduciary duties, the Special Committee, in consultation with its independent legal and financial advisors, will carefully review the revised proposal from Mr. Fu and Abax to determine the course of action that it believes is in the best interests of the Company and all Fushi shareholders that are not participating in the Fu/Abax proposal. The Special Committee intends to notify shareholders of its position regarding the revised proposal in due course.
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