Key Developments: China Shengda Packaging Group Inc (CPGI.W)
1.23USD
8 May 2013
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Latest Key Developments (Source: Significant Developments)
China Shengda Packaging Group Inc Chairman Withdraws Preliminary Offer to Take Company Private
China Shengda Packaging Group Inc. (NASDAQ: CPGI), ("China Shengda Packaging" or the "Company") a leading Chinese paper packaging manufacturer, today announced, that the special committee of its board of directors (the "Board") has received a letter (the "Letter") from its Chairman, Mr. Nengbin Fang ("Mr. Fang"), withdrawing the preliminary non-binding proposal that he submitted to the Board on October 15, 2012 to acquire all of the shares of common stock of the Company that are not currently owned by him and his family in a going-private transaction, although he intends to continue to pursue a possible going-private transaction with respect to the Company. Mr. Fang stated in an amendment to his Schedule 13D filing with the Securities and Exchange Commission that he is in preliminary discussions with a limited number of shareholders of the Company and potential debt financing sources, including VStone Investment Management Limited, in each case regarding their potential participation in a going private transaction, and that he may approach one or more other shareholders of the Company for such purpose. There can be no assurance, however, that Mr. Fang will make another proposal to take the Company private in the future or that if he does make another proposal to take the Company private that it will be consummated. Full Article
China Shengda Packaging Group Inc Reaffirms FY 2012 Revenue Guidance; Lowers FY 2012 Earnings Guidance
China Shengda Packaging Group Inc announced that for fiscal 2012, it maintains its expectations for revenues of between $115 million and $125 million. However, the Company now expects net income of between $5.5 million and $6.5 million and diluted earnings per share of between $0.14 and $0.17, lower than its previous estimates of net income of between $6.5 million and $7.5 million, and diluted earnings per share of $0.17 and $0.19. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of China Shengda Packaging Group Inc Proposed Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of China Shengda Packaging Group Inc. (China Shengda or the Company) regarding possible breaches of fiduciary duties and other violations of law related to the Company`s receipt of a proposal to be acquired by the Company`s Chairman of the Board, Nengbin Fang, in a transaction valued at approximately $24 million. Under the terms of the proposal, public shareholders of China Shengda will receive $1.40 per share in cash for each share of China Shengda they own. The investigation concerns the Company`s board of directors` process for consideration of the proposed transaction, whether China Shengda is acting in its shareholders` best interests and whether the proposed consideration to be paid to China Shengda`s shareholders would be fair and adequate. According to Yahoo! Finance, at least one analyst has set a price target for China Shengda stock at $3.50 per share. Full Article
Levi & Korsinsky, LLP Announces Investigation Of China Shengda Packaging Group Inc
Levi & Korsinsky, LLP announced that it is investigating the Board of Directors of China Shengda Packaging Group Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the proposed sale of the Company to its Chairman, Mr. Nengbin Fang for $1.40 per share. At least one analyst set a price target for China Shengda Packaging stock at $3.50 per share. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of China Shengda Packaging Group Inc.
Levi & Korsinsky announced that it is investigating the Board of Directors of China Shengda Packaging Group Inc. (China Shengda Packaging 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, Mr. Nengbin Fang. Mr. Fang and his family collectively own approximately 54% of the Company`s common stock. Under the terms of the proposed transaction, China Shengda Packaging shareholders would receive $1.40 per share in cash. The investigation concerns, among other things, whether the proposed consideration to be paid to China Shengda Packaging shareholders is unfair, inadequate, and substantially below the fair or inherent value of China Shengda Packaging, and whether Mr. Fang is taking advantage of his family`s position as controlling shareholders in order to purchase the Company at an unfair price. In particular, at least one analyst set a price target for China Shengda Packaging stock at $3.50 per share. Full Article
Rosen Law Firm Announces Investigation Of China Shengda Packaging Group Inc. In Connection With Going Private Proposal From Its Chairman
The Rosen Law Firm announced that it is investigating the Board of Directors of China Shengda Packaging Group Inc. for possible breaches of fiduciary duty and other violations of state law in connection with a going private proposal from its Chairman. Under the terms proposed by CPGI`s Chairman Mr. Nengbin Fang, he will pay shareholders $1.40 for each share of China Shengda Packaging stock they own. The investigation relates to whether the proposal for $1.40/share is fair to public shareholders and whether China Shengda Packaging`s Board breached its fiduciary duties in connection with the offer. Full Article
China Shengda Packaging Group Inc Announces Receipt Of Chairman's Non-Binding Going Private Proposal Of $1.40 Per Share
China Shengda Packaging Group Inc announced that that Board of Directors has received a preliminary, non-binding proposal from Chairman, Mr. Nengbin Fang, in which Mr. Fang has offered to acquire all of the outstanding shares of the Company's common stock he and his family currently do not own in a going-private transaction at a proposed price of $1.40 per share to be paid in cash. According to the Proposal, Mr. Fang intends to fund the acquisition with a combination of debt and equity financing. Currently, Mr. Fang and his family collectively beneficially own approximately 54.03% of the Company's common stock. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that a transaction with Mr. Fang or any other transaction will be approved or consummated. Full Article
China Shengda Packaging Group Inc Reiterates FY 2012 Guidance
China Shengda Packaging Group Inc reiterated its expectations for fiscal 2012 revenues of between $115 million and $125 million, net income of between $6.5 million and $7.5 million, and diluted earnings per share (EPS) of between $0.17 and $0.19. Full Article
China Shengda Packaging Group Inc Issues FY 2012 Guidance
China Shengda Packaging Group Inc announced that for fiscal 2012, it expects revenues of between $115 million and $125 million, net income of between $6.5 million and $7.5 million, and diluted earnings per share (EPS) of between $0.17 and $0.19. Full Article
China Shengda Packaging Group Inc Raises FY 2011 Revenue Guidance; Lowers FY 2011 Net Income Guidance
China Shengda Packaging Group Inc announced that for fiscal 2011, the Company now expects revenue to be in the range of $120 million to $130 million, prior range $115 million to $125 million and net income to be in the range of $9.5 million to $10.5 million, prior range $11.5 million to $12.5 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $126 million and net income of $11.3 million for fiscal 2011. Full Article
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