7:01AM Harbin Electric provides update on Yang proposal to take co private (HRBN) 17.86 : Co announces that its Board of Directors has received a letter from the its Chairman and CEO, Mr. Tianfu Yang, regarding his previously announced proposal to take the Company private. In his letter, Mr. Yang advised the Board that, by mutual agreement, Mr. Yang and Baring Private Equity Asia Group have amended and restated their previously announced Consortium Agreement, pursuant to which they had agreed to work together exclusively on the Yang Proposal. The amended and restated agreement between Baring and Mr. Yang provides that Baring's participation in the Yang Proposal will consist solely of a right to provide up to 10% of the financing for the transaction, in the form of debt and/or equity and that Mr. Yang will not be restricted from seeking alternative sources of financing, in the form of debt and/or equity, for the transaction. Mr. Yang has further advised the Company that he intends to proceed with a proposal to take the Company private at the previously announced proposed price of $24.00 per share, that he will seek alternative sources of financing for the transaction, and that Goldman Sachs will continue to act as financial advisor to Mr. Yang in connection with the transaction.
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