The Beijing-based company, which manufactures and distributes crop fertilizers, said the proposal did not receive approval from at least a majority of shareholders.
"We remain confident about Yongye's business prospects and believe that the company continues to be very well positioned for sustainable long-term growth. The Board of Directors and management team look forward to working closely together to explore all appropriate opportunities to maximize value for all of our stockholders," said CEO Zishen Wu in a statement.
The going-private tender had been proposed in September last year.By late morning, shares had tumbled 8.9% to $5.97. Must Read: Warren Buffett's 10 Favorite Dividend Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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