Company rejected a $.50 buy out offer from a major shareholder. Dah they have $1.40/share in cash. lol
Item 8.01 Other Events
On January 3, 2014, China Power Equipment, Inc. (the “Company”) received a letter (and an attached term sheet) from QAR, LLC, a shareholder of the Company, in which QAR, LLC and its affiliates, transmitted a non-binding offer expressing an interest in acquiring all of the outstanding shares and options of the Company (exclusive of all shares not already owned by such parties and all shares with respect to which the holders have perfected appraisal rights under the Maryland General Corporation Law), at a price of $0.50 per share in cash, subject to due diligence and other conditions, in a “cash out” merger. The non-binding offer expires by its terms at 5:00 pm on January 9, 2014 (Xi’an, China local time and date). It appears that the nonbinding offer contemplates the use of the Company’s existing cash to fund the cash out consideration. The Company’s Board of Directors has convened a meeting to address the foregoing offer and unanimously determined to decline it. The submission of this Current Report on Form 8-K is not an admission as to the materiality of any information contained herein.
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