Yongye International, Inc Confirms receipt of "Going Private" Proposal at $7.00 Per Share
- Received a revised proposal (the "Revised Proposal") dated March 26, 2014 from (i) Mr. Zishen Wu ("Mr. Wu"), the Company's Chairman and Chief Executive Officer, (ii) MSPEA Agriculture Holding Limited ("MSPEA"), (iii) Lead Rich International Limited ("Lead Rich") and (iv) Full Alliance International Limited ("Full Alliance", together with Mr. Wu, MSPEA and Lead Rich, the "Buyer Consortium"), in connection with the proposed merger under the agreement and plan of merger (the "Merger Agreement") dated as of September 23, 2013, among the Company, Full Alliance International Limited, Yongye International Limited ("Holdco") and Yongye International Merger Sub Limited ("Merger Sub").
- Special Committee is considering the Revised Proposal with its legal and financial advisors
In the Revised Proposal, the Buyer Consortium proposed to increase the merger consideration payable to holders of shares of common stock, par value $0.001 per share, of the Company (the "Shares") under the Merger Agreement, from $6.69 per Share to $7.00 per Share.
- Reminder: Yesterday Morgan Stanley disclosed the buyer consortium's increased bid