Key Developments: Zhongpin Inc (HOGS.O)
12.92USD
17 May 2013
$0.02 (+0.16%)
$12.90
$12.90
$12.93
$12.89
67,240
197,130
$13.03
$9.00
Latest Key Developments (Source: Significant Developments)
Zhongpin Inc Announces Amended And Restated Merger Agreement With Golden Bridge Holdings Limited, Golden Bridge Merger Sub Limited And Mr. Xianfu Zhu
Zhongpin Inc announced that the terms of the previously announced definitive agreement and plan of merger by and among Golden Bridge Holdings Limited, a Cayman Islands exempted company (Parent), Golden Bridge Merger Sub Limited, a Delaware corporation and wholly owned subsidiary of Parent (Merger Sub) and Mr. Xianfu Zhu, the Company's Chairman and Chief Executive Officer, dated as of November 26, 2012 and amended on January 14, 2013, have been amended and restated. The amended and restated agreement and plan of merger (the "Amended Merger Agreement") provides that each share of the Company's common stock issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive $13.50 in cash without interest, except for shares owned by Parent or Merger Sub, Mr. Xianfu Zhu, Mr. Baoke Ben, Mr. Chaoyang Liu, Mr. Qinghe Wang, Mr. Shuichi Si and Ms. Juanjuan Wang (collectively, the Rollover Holders), who are party to an equity contribution agreement pursuant to which they have agreed to contribute their shares of Company common stock to Parent immediately prior to the effective time of the merger, the Company or any direct or indirect wholly owned subsidiary of the Company or stockholders who have properly exercised and perfected appraisal rights under Delaware law. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty By The Board of Zhongpin Inc
Levi & Korsinsky announced that it is investigating the Board of Directors of Zhongpin Inc (Zhongpin or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to its Chairman and Chief Executive Officer, Mr. Xianfu Zhu. Under the terms of the transaction, Zhongpin shareholders will receive $13.50 for each share of Zhongpin stock they own. The transaction has a total approximate value of $418 million. Zhu and his partners in the deal own approximately 26% of the Company`s outstanding shares. The investigation concerns, among other things, whether the consideration to be paid to Zhongpin shareholders is unfair, inadequate, and substantially below the fair or inherent value of Zhongpin. In particular, Zhongpin has a reported a book value of $14.29 per share for the most recent quarter. Full Article
Zhongpin Inc Announces Merger Agreement For Going Private Transaction
Zhongpin Inc announced that it has entered into a definitive agreement and plan of merger with Golden Bridge Holdings Limited, a Cayman Islands exempted company (Parent), Golden Bridge Merger Sub Limited, a Delaware corporation and wholly owned subsidiary of Parent (Merger Sub) and Mr. Xianfu Zhu, the Company's Chairman and Chief Executive Officer. Pursuant to the Merger Agreement, at the effective time of the merger, each share of the Company common stock issued and outstanding immediately prior to the effective time (other than shares owned by Parent or Merger Sub, Mr. Xianfu Zhu, Mr. Baoke Ben, Mr. Chaoyang Liu, Mr. Qinghe Wang, Mr. Shuichi Si and Ms. Juanjuan Wang, who are party to an equity contribution agreement with Parent and Holdco pursuant to which they have agreed to contribute their shares of Company common stock to Parent immediately prior to the effective time of the merger, the Company or any direct or indirect wholly owned subsidiary of the Company or stockholders who have properly exercised and perfected appraisal rights under Delaware law) will be converted automatically into the right to receive $13.50 in cash, without interest. The merger, which is currently expected to close in the first quarter of 2013. If completed, the merger will, under Delaware law, result in the Company becoming a privately-held company, wholly owned by Parent. Following the merger, the Company's common stock will no longer be listed on the NASDAQ Global Select Market. Full Article
Zhongpin Inc Reaffirms FY 2012 Guidance
Zhongpin Inc maintained fiscal 2012 prior guidance and expects sales revenues should be within a range of USD1.55-USD1.72 billion and Diluted earnings per share (EPS) to be within the range of $1.36 to $1.92 per share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenues of $1.59 billion for fiscal 2012. Full Article
Zhongpin, Inc. Reaffirms FY 2012 Guidance
Zhongpin, Inc. maintained fiscal 2012 guidance and expects sales revenues should be within a range of USD1.55-USD1.72 billion and diluted earnings per share to be within the range of $1.36 to $1.92 per share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenues of $1.59 billion and EPS of $1.49 for fiscal 2012. Full Article
Zhongpin, Inc. Reaffirms FY 2012 Guidance
Zhongpin, Inc. maintained fiscal 2012 guidance and expects sales revenues should be within a range of USD1.55 billion to USD1.72 billion and diluted earnings per share to be within the range of $1.36 to $1.92 per share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenues of $1.65 billion and EPS of $1.52 for fiscal 2012. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation Of Zhongpin Inc
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims against the Board of Directors of Zhongpin Inc related to the proposed acquisition of the Company by Mr. Xianfu Zhu, Zhongpin’s Chairman and Chief Executive Officer. Zhu holds 17.5% of the Company’s stock, and has offered to purchase all remaining shares for $13.50 each. This investigation concerns the Board of Directors’ process for consideration of the proposed acquisition, and whether Zhongpin is acting in its shareholders’ best interests. Further, on April 4, 2012, the United States Securities and Exchange Commission filed an action against the Company’s directors for insider trading in connection with the proposed acquisition. Full Article
Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Zhongpin Inc.
Levi & Korsinsky announced that it is investigating the Board of Directors of Zhongpin Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the receipt of a going private proposal from its Chairman and Chief Executive Officer, Mr. Xianfu Zhu. According to the terms of the proposal, Zhu would acquire all outstanding shares of the Company’s common stock for $13.50 per share. Zhu currently owns approximately 17.5% of the Company’s stock. The investigation concerns, among other things, whether the consideration to be paid to Zhongpin shareholders is unfair, inadequate, and substantially below the fair or inherent value of Zhongpin, and whether Zhu is a controlling shareholder that is taking advantage of his position to purchase the Company at an unfair price. Full Article
Robbins Umeda LLP Announces Investigation Of Zhongpin, Inc.
Shareholder rights firm Robbins Umeda LLP announced that it has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Zhongpin, Inc. relating to the going private proposal by Xianfu Zhu, Zhongpin's Chairman and Chief Executive Officer. On March 27, 2012, Zhongpin announced that the board received a going private proposal from the company's Chairman and Chief Executive Officer, Xianfu Zhu. According to the terms of the proposal, Mr. Zhu intends to acquire all of the outstanding shares of the company's common stock in a going private transaction. Under the terms of the proposal, Zhongpin shareholders would receive $13.50 for each share of the company they own. Full Article
Harwood Feffer LLP Announces Investigation Of Zhongpin, Inc.
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Zhongpin, Inc. (Zhongpin or the Company) concerning the proposed acquisition of the Company by its Chairman and Chief Executive Officer, Xianfu Zhu (Zhu). On March 27, 2012, it was announced that Zhu had offered to acquire all outstanding shares of the Company's common stock not currently owned by him in a going private transaction. Under the proposal, Zhongpin shareholders would receive $13.50 in cash per share held. Zhu already beneficially owns approximately 17.5% of the Company's common stock. Our investigation concerns whether the board of directors is fulfilling its fiduciary duties, maximizing the value of Zhongpin, disclosing all material benefits and costs and obtaining full and fair consideration for Zhongpin shareholders. Full Article
BRIEF-Zhongpin up in premarket; enters merger agreement with Golden Bridge Holdings
NEW YORK, Nov 26 - Zhongpin Inc : * Up 16 percent to $12.60 in premarket; enters merger agreement with Golden Bridge Holdings
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