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Gushan's board gets go-private offer

Sun, 02/26/2012 - 4:23am
Reuters

(Reuters) - Biodiesel producer Gushan Environmental Energy Ltd said it received a takeover offer from its chairman, valuing the company at about $30.7 million.

Gushan said Chairman Jianqiu Yu, who holds about 34 percent of the company, will form a transaction vehicle for the proposed deal and will finance it with own funds and debt financing.

The company's board has formed a committee of independent directors to consider the cash offer of $1.599 per American Depositary Share, a premium of 26 percent to the stock's Thursday close.

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