Key Developments: Yongye International, Inc (YONG.O)
5.32USD
15 Mar 2013
$-0.16 (-2.92%)
$5.48
$5.45
$5.46
$5.21
729,008
410,098
$5.98
$2.60
Latest Key Developments (Source: Significant Developments)
Levi & Korsinsky, LLP Announces Investigation Of Yongye International, Inc
Levi & Korsinsky, LLP announced that it is investigating the Board of Directors of Yongye International, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the proposed sale of the Company to a consortium led by its Chairman and Chief Executive Officer, Mr. Zishen Wu for $6.60 per share. The Company has a reported book value of $7.64 per share for the most recent quarter. Full Article
Bernstein Liebhard LLP Announces Investigation Of Yongye International, Inc's Chairman And CEO's Going Private Offer
Bernstein Liebhard LLP announced that it is investigating whether the Board of Directors of Yongye International, Inc. is breaching its fiduciary duty to its shareholders in connection with an offer by Mr. Zishen Wu ("Mr. Wu"), the Company's Chairman and Chief Executive Officer, to take the Company private. Under the terms of the offer, Yongye shareholders will receive $6.60 in cash for each share of common stock they own. The investigation is focused on whether Mr. Wu's offer undervalues the Company's shares. Full Article
Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of Yongye International, Inc
Levi & Korsinsky, LLP announced that it is investigating the Board of Directors of Yongye International, Inc. (Yongye 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 a consortium led by its Chairman and Chief Executive Officer, Mr. Zishen Wu. Under the terms of the proposed transaction, Yongye shareholders would receive $6.60 per share in cash. The investigation concerns, among other things, whether the proposed consideration to be paid to Yongye shareholders is unfair, inadequate, and substantially below the fair or inherent value of Yongye. In particular, Yongye stock has a reported book value of $7.64 for the most recent quarter. Full Article
Yongye International, Inc Announces Receipt Of Going Private Proposal At $6.60 Per Share
Yongye International, Inc announced that Board of Directors has received a preliminary, non-binding proposal letter dated October 15, 2012 from Mr. Zishen Wu (Mr. Wu), the Company's Chairman and Chief Executive Officer, Full Alliance International Limited, MSPEA Agriculture Holding Limited (MSPEA), and Abax Global Capital (Hong Kong) Limited, on behalf of funds managed and/or advised by it and nominee entities and their affiliates (collectively, Abax, together with Mr. Wu, Full Alliance and MSPEA, the Buyer Parties), to acquire all of the outstanding shares of common stock of the Company not currently owned by the Buyer Parties in a going private transaction for $6.60 per share of common stock in cash. According to the proposal letter, an acquisition vehicle will be formed for the purpose of completing the acquisition, and the acquisition is intended to be financed through a combination of debt and equity capital. Equity financing will be provided by the Buyer Parties or their affiliates in the form of cash and/or rollover equity in the Company. Debt financing will be primarily provided by third party financial institutions. Full Article
Yongye International, Inc Reiterates FY 2012 Guidance-Conference Call
Yongye International, Inc announced that for fiscal 2012, it reiterated expected revenue between $495 million and $515 million, adjusted net income between $110 million and $120 million, which excludes the impact of non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities. According to I/B/E/S Estimates, analysts are expecting the Company to report revenues of $509 million, net income of $117 million for fiscal 2012. Full Article
Yongye International, Inc. Reiterates FY 2012 Guidance
Yongye International, Inc. announced that for fiscal 2012, it reiterates its expected revenue between $495 million and $515 million and adjusted net income between $110 million and $120 million, which excludes the impact of non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities. Full Article
Yongye International, Inc Launches Two New Crop Nutrient Products
Yongye International, Inc. announced that it has launched two new fulvic acid based crop nutrient products, Zhongbaosheng and Qianggenbao. Zhongbaosheng, a liquid product, improves crop seeds' germination, fertilizer utilization, and resilience during the key initial seed development period. Qianggenbao is also a liquid product which promotes root development. Both products were developed by the Company's research and development team. Full Article
Yongye International, Inc. Issues FY 2012 Guidance-Conference Call
Yongye International, Inc. announced that for fiscal 2012, it expects revenue to be in the range of $495-$515 million, and adjusted net income to be in the range of $110-$120 million. This includes the impact of non-cash expenses related to share based compensation for management and independent directors, the amortization of acquired Hebei customer list, and a change in fair value of derivative liabilities. Full Article
Yongye International, Inc. Announces Voluntary Dismissal Of Class Action Lawsuit Filed By Robbins Geller Rudman & Dowd LLP
Yongye International, Inc. announced that the previously announced class action lawsuit filed against the Company by Robbins Geller Rudman & Dowd LLP in the United States District Court Southern District of New York in May 2011 was voluntarily dismissed by the lead plaintiffs, with prejudice to themselves as named plaintiffs, on March 5, 2012. Full Article
Yongye International, Inc. Raises FY 2011 Guidance
Yongye International, Inc. announced that it has increased both top and bottom line guidance for fiscal 2011. Previous guidance included revenues of $335 million to $345 million and adjusted net income of $85 million to $87 million. Revised guidance now includes revenue of $390 million to $400 million and net income, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities, of $100 million to $102 million. Full Article
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