LJ, got'em article. $5.00? IN FULL; 8:24AM Man Sang Hldgs' wholly owned subsidiary and China Metro-Rural Limited to merge (MHJ) 2.00 : http://finance.yahoo.com/marketupdate/inplay Co announced that it and Creative Gains Limited, its wholly owned subsidiary, have entered into a definitive merger agreement with China Metro-Rural Limited to combine the companies in an all stock transaction.
The transaction is expected to be completed by March 31, 2010. Under the terms of the merger agreement, China Metro shareholders will receive approximately 574,432 ordinary shares of MSBVI for each ordinary share of China Metro they own.
MSBVI will issue up to 57,443,238 ordinary shares at $5 per share (representing a premium of approximately 150% of the closing share price of MSBVI ordinary shares at $2 each on February 18, 2010) to the China Metro shareholders in order to acquire China Metro.
This represents a total consideration of approximately $287 million. MSBVI shareholders will retain their shares. Upon completion of the transaction, China Metro shareholders will own approximately 90% of the ordinary shares of MSBVI and MSBVI shareholders will own approximately 10% of the ordinary shares of MSBVI.
The $5 per share imputed price is not intended to serve as a projection by MSBVI of the trading price of MSBVI's ordinary shares upon or immediately following completion of the merger.
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