Deal struck worth US$339.2 million
In October 2012 the company announced an offer by a group including Chairman and CEO Zishen Wu, Full Alliance International Ltd., MSPEA Agriculture Holding Ltd. and Abax Global Capital Ltd. The group initially offered $6.60 per share for the shares they don’t already own, but Yongye said that it accepted a higher bid of $6.69 per share – a 12 percent premium to the company’s September 20 closing price of $5.98.
Yongye currently has approximately 50.7 million outstanding shares, according to FactSet.
The company’s board approved the transaction, which is targeted to close before the end of fiscal 2014’s first quarter. It still needs approval from at least a majority of those holding its outstanding shares.