Yongye Biotechnology International, Inc. (YONG)

[free_bee]

http://www.rttnews.com/2293390/yongye-gets-revised-going-private-proposal-at-7-00-per-share.aspx?type=corp

Yongye International Inc. (YONG: Quote) announced that the special committee of its board of directors has received a revised proposal from a consortium led by its Chairman and Chief Executive Officer, Zishen Wu to take the company private for $7.00 per share.

In the Revised Proposal, the Buyer Consortium proposed to increase the merger consideration payable to holders of shares of common stock, par value $0.001 per share, of the company under the Merger Agreement, from $6.69 per Share to $7.00 per Share.

The company's special committee of its board of directors received the revised proposal dated March 26, 2014 from a consortium that comprises the company's Chairman and Chief Executive Officer, Zishen Wu, MSPEA Agriculture Holding Limited, Lead Rich International Limited and Full Alliance International Limited.

The company said its Special Committee is considering the Revised Proposal with its legal and financial advisors. As a reminder, no decisions have been made by the Special Committee with respect to the Company's response to the Revised Proposal.

On 5th March, Yongye International said that it did not receive approval from at least a majority of the issued and outstanding shares of common stock of the Company for going private proposal dated on September 23, 2013 from Full Alliance International Limited consortium.Therefore, the Merger Agreement was not approved by the company's stockholders.


In September 2013, Yongye International announced that it entered into an Agreement and Plan of Merger with Full Alliance International Limited or Holdco, a British Virgin Islands company, Yongye International Limited or Parent, a Cayman Islands exempted company with limited liability, and Yongye International Merger Sub Limited, a Nevada corporation and a wholly-owned, direct subsidiary of Parent.

As the Merger Agreement, upon completion of the Merger, each of the Company's shares of common stock issued and outstanding immediately prior to the effective time of the Merger would be converted into the right to receive $6.69 in cash without interest except for Shares owned by Holdco, Parent and Merger Sub, including shares to be contributed to Parent by Holdco, Zishen Wu. The offer represented a premium of 39.7% over the closing price of the Company's common stock of $4.79 per share on October 12, 2012, the last trading day prior to the Company's announcement of its receipt of a "going-private" proposal.