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April 16, 2013 /PRNewswire-FirstCall/ -- Yongye International, Inc. (NASDAQ: YONG) ("Yongye" or the "Company"), a leading developer, manufacturer, and distributor of crop nutrient products in
the People's Republic of China, today announced that the special committee (the "Special Committee") of the board of directors was provided a letter ("Amendment") amending the amended and restated financing commitment letter (the "Commitment Letter") issued by Abax Global Capital (
Hong Kong) Limited ("Abax") to Full Alliance International Limited on
April 1, 2013.
As previously announced, the Commitment Letter would terminate on
April 15, 2013 if the common stock of the Company has not resumed trading on NASDAQ on that date. Pursuant to the Amendment, the Commitment Letter was amended to (i) include an additional condition precedent that the common stock of the Company has resumed trading on NASDAQ, but without any requirement that the resumption must occur by a specified date, and (ii) extend the expiration of the commitment to the earliest of (A)
May 15, 2013, (B) the date the definitive documentation for such financing becomes effective and (C) the date the acquisition agreement for the proposed going private transaction is terminated. Abax's commitment remains subject to a number of other conditions, including Abax's completion of its review of, and satisfaction in all respect with, the audited financial statements of the Company for the fiscal year ended December 31, 2012.
As a reminder, no decisions have been made by the Special Committee with respect to the Company's response to the proposed going private transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that this or any other transaction will be approved or consummated.