Zhongpin announces completion of merger

Zhongpin Inc. (“Zhongpin” or the “Company,” Nasdaq: HOGS), a leading meat and food processing company in the People’s Republic of China, announced on June 27th the completion of the merger (the “Merger”) contemplated by the previously announced Amended and Restated Agreement and Plan of Merger, dated as of February 8, 2013 (the “Merger Agreement”), by and among Golden Bridge Holdings Limited (“Parent”), Golden Bridge Merger Sub Limited (the “Merger Sub”), Mr. Xianfu Zhu and the Company.  As a result, the Company became a wholly-owned subsidiary of Parent.

Under the terms of the Merger Agreement, which was approved by the Company’s stockholders at a special meeting held on June 27, 2013, each share of Company common stock has been cancelled and converted into the right to receive $13.50 in cash, without interest and less any applicable withholding taxes (the “Merger Consideration”), except for (a) shares of common stock owned by the Company as treasury stock and shares owned by Parent or Merger Sub and their affiliates, including shares contributed to Parent by Mr. Xianfu Zhu, Mr. Baoke Ben, Mr. Chaoyang Liu, Mr. Qinghe Wang, Mr. Shuichi Si and Ms.Juanjuan Wang (the “Rollover Investors”), all of which shares of common stock have been cancelled without the right to receive any consideration thereon, and (b) shares of common stock owned by stockholders who have exercised, perfected and not withdrawn a demand for or lost the right to, appraisal rights under the Delaware General Corporation Law (“DGCL”), which shares of common stock have been cancelled and have entitled the former holders thereof to receive the appraised value thereon in accordance with such holder’s appraisal rights under the DGCL.

Stockholders of record as of the effective time of the Merger who are entitled to the Merger Consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the merger consideration. Stockholders should wait to receive the letter of transmittal before surrendering their share certificates.

Zhongpin Inc. is a leading meat and food processing company that specializes in pork and pork products, vegetables, and fruits in China. Its distribution network in China covers 20 provinces plus Beijing, Shanghai, Tianjin, and Chongqing and includes 3,502 retail outlets as of March 31, 2013. Zhongpin’s export markets include Europe, Hong Kong, and other countries in Asia.

Source: http://www.prnewswire.com/news-releases/zhongpin-announces-completion-of-merger-213307211.html


Leave a comment

Filed under Financial strategy

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s