Key Developments: American Lorain Corp (ALN)
1.15USD
21 May 2013
$-0.02 (-1.70%)
$1.17
$1.16
$1.16
$1.13
20,600
28,278
$1.48
$1.01
Latest Key Developments (Source: Significant Developments)
Levi & Korsinsky, LLP Announces Investigation of Board of Directors of American Lorain Corp
Levi & Korsinsky, LLP announced that it is investigating the Board of Directors of American Lorain Corp for possible breaches of fiduciary duty and other violations of state law in connection with the proposed sale of the Company to its Chairman, President, and Chief Executive Officer, Mr. Si Chen. Under the terms of the proposed transaction, American Lorain shareholders would receive $1.60 per share in cash. Mr. Chen currently owns an aggregate of more than 46% of the Company's outstanding shares. The investigation concerns, among other things, whether the proposed consideration to be paid to American Lorain shareholders is unfair, inadequate, and substantially below the fair or inherent value of American Lorain, and whether Mr. Chen is taking advantage of his position as a controlling shareholder in order to purchase the Company at an unfair price. In particular, at least one analyst set a price target for American Lorain stock at $6.00 per share. Full Article
Harwood Feffer LLP Announces Investigation Of American Lorain Corp
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of American Lorain Corp. ("ALN" or the "Company") concerning the proposed acquisition of the Company by Si Chen, its Chairman and CEO. Under the terms of the proposed transaction, ALN shareholders would receive $1.60 per share in cash. The investigation concerns whether the ALN board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders. Full Article
Rosen Law Firm Announces Investigation Of American Lorain Corporation In Connection With Going Private Proposal From Its Chairman And CEO
The Rosen Law Firm announced that it is investigating the Board of Directors of American Lorain Corporation for possible breaches of fiduciary duty and other violations of state law in connection with a going private proposal from its Chairman, Chief Executive officer (CEO) and President. Under the terms of the proposal, offered by American Lorain`s Chairman, CEO and President, Mr. Si Chen, shareholders will receive $1.60 for each share of American Lorain stock they own. The investigation relates to whether the proposal for $1.60/share is fair to public shareholders and whether American Lorain`s Board breached its fiduciary duties in connection with the offer. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of American Lorain Corp
Levi & Korsinsky announced that it is investigating the Board of Directors of American Lorain Corp (American Lorain or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the proposed sale of the Company to its Chairman, President, and Chief Executive Officer, Mr. Si Chen. Under the terms of the proposed transaction, American Lorain shareholders would receive $1.60 per share in cash. Mr. Chen currently owns an aggregate of more than 46% of the Company`s outstanding shares. The investigation concerns, among other things, whether the proposed consideration to be paid to American Lorain shareholders is unfair, inadequate, and substantially below the fair or inherent value of American Lorain, and whether Mr. Chen is taking advantage of his position as a controlling shareholder in order to purchase the Company at an unfair price. In particular, at least one analyst set a price target for American Lorain stock at $6.00 per share. Full Article
American Lorain Corporation Secures Contract
American Lorain Corporation announced that on July 7, two European frozen food manufacturers and distributors, Crop's NV (Crop's) and Findus Company (Findus) conducted a successful factory inspection and signed a 200 ton export order for frozen strawberries and asparagus. American Lorain's export order is first made to Crop's, who then supply to Findus, one of Europe's frozen food manufacturers and distributors, to reach the final consumer market. As a prerequisite for cooperation, Crop's and Findus conducted a joint inspection of American Lorain's factory facilities and production quality controls, which yielded satisfactory results. Afterwards, American Lorain finalized a 200 ton export order of frozen strawberry and asparagus. Full Article
American Lorain Corporation Announces Share Repurchase Program
American Lorain Corporation announced that its Board of Directors has approved a share repurchase program that authorizes American Lorain to repurchase up to $5 million of its common stock in the open market or through privately negotiated transactions in the next 12 months. The Company expects to implement this share repurchase program in a manner consistent with market conditions and the interest of the shareholders, and in compliance with Rule 10b5-1 or Rule 10b-18 of the Securities Exchange Act of 1934. The program does not obligate American Lorain to acquire any particular amount of its common stock and may be modified or suspended at any time upon review by the Company's board of directors. The Company plans to fund repurchases made under this program from its available cash balance. Full Article
American Lorain Corporation Announces Joint Venture Agreement With Hisaya Ltd
American Lorain Corporation announced that the Company has signed a Joint Venture Agreement with Hisaya Ltd., a roast chestnut retailer from Japan. According to the JV Agreement, American Lorain and Hisaya will hold 51% and 49% of the joint venture, respectively, with a total initial share capital of RMB500,000, or USD77,000. The joint venture will aim the high-end chestnut market in China leveraging American Lorain's domestic branch office networks as well as Hisaya's successful operation model in Japan. The first set of kiosks will be opened in Chengdu, Sichuan Province. Full Article
American Lorain Corporation Announces Sales Agreement With Shandong INZONE Malls, Ltd.
American Lorain Corporation announced that the Company has signed a sales agreement with Shandong INZONE Malls, Ltd. (INZONE) to sell Lorain products to 19 supermarkets managed by INZONE. According to the agreement, American Lorain will be directly supplying the INZONE supermarkets with 16 kinds of products, including lunch boxes, beans, frozen vegetables and french fries. The 19 supermarkets cover approximately 10 cities / counties within Shandong Province, including Jinan, the capital city of Shandong, as well as Taian, Laiwu, Binzhou, Dezhou, and Liaocheng. Full Article
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