Zhongpin establishes special committee
Zhongpin Inc., a meat and food processing company in China, announced that it has established a special committee of its board of directors to consider the preliminary, non-binding proposal received from Zhongpin’s chairman and chief executive officer, Mr. Xianfu Zhu, on March 27, 2012 to acquire all of the outstanding shares of the Company’s common stock not currently owned by him in a going private transaction (the ‘Zhu Proposal’).
The Special Committee is composed of the following independent directors of the company: Mr. Raymond Leal, Mr. Xiaosong Hu, and Mr. Yaoguo Pan. The Special Committee has retained Akin Gump Strauss Hauer & Feld LLP as its legal advisor and intends to retain independent financial advisors to assist it in its evaluation of the Zhu Proposal and any additional proposal that may be made by Mr. Zhu and his affiliates, if any.
No decisions have been made by the Special Committee with respect to the company’s response to the Zhu Proposal and there can be no assurance that any definitive offer will be made, that any agreement will be executed, or that the Zhu Proposal or any other transaction will be approved or consummated.
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