NEW YORK (TheStreet) -- Yongye International (YONG)  announced on Wednesday that its proposal to go private had not been approved by stockholders at a recent meeting.

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. 

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