Zhongpin, Inc. (HOGS)

[ScovilleUnits]

Oink, Oink...HOGS is squealing this morning

Zhongpin Announces Receipt of Non-Binding Going Private Proposal from its Chairman at $13.50 Per Share

Tuesday , March 27, 2012 09:06ET

CHANGGE and BEIJING, China, March 27, 2012 /PRNewswire-Asia-FirstCall/ -- Zhongpin Inc. (NASDAQ: HOGS) ("Zhongpin" or the "Company"), a leading meat and food processing company in the People's Republic of China, today announced that its Board of Directors has received a preliminary, non-binding proposal from its Chairman and Chief Executive Officer, Mr. Xianfu Zhu ("Mr. Zhu"), which stated that Mr. Zhu intends to acquire all of the outstanding shares of the Company's common stock not currently owned by him in a going private transaction at a proposed price of $13.50 per share in cash. Mr. Zhu currently beneficially owns approximately 17.5% of the Company's common stock. A copy of the proposal letter is attached hereto as Exhibit A.

The Company's Board of Directors intends to form a special committee of independent directors to consider this proposal and any additional proposal that may be made by Mr. Zhu and his affiliates, if any. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that a transaction with Mr. Zhu or any other transaction will be approved or consummated.

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8158904