BEIJING and CHANGGE, China – Zhongpin Inc. announced on March 27 that Xianfu Zhu, chairman and chief executive officer of the company, intends to acquire all of the outstanding shares of the company's common stock not currently owned by him in a going private transaction at a proposed price of $13.50 per share in cash.
Zhu currently beneficially owns approximately 17.5 percent of the Zhongpin’s common stock. The company’s board of directors received a preliminary, non-binding proposal regarding the transaction.
Zhongpin’s board said it will form a special committee of independent directors to consider the proposal and any additional proposals Zhu presents, however there are no guarantees a deal will be made or approved.
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