CHINA: American Lorain appoints advisor for "going private" proposal
- American Lorain appoints financial advisor
- Cowen & Co to advise on "going private" proposal
Cowen & Co will “assist” the committee in its work
Chinese food maker American Lorain has appointed a financial advisor to assess a "going private" proposal from its chairman and CEO for the takeover of the firm.
A special committee of the company's board of directors, formed to evaluate the proposal received from Mr. Si Chen, said today (29 October) it has retained Cowen & Co as independent financial advisor.
Cowen & Co will "assist" the committee in its work, American Lorain said. Chen has submitted a proposal to acquire all outstanding shares of common stock he does not currently own. Chen currently owns around 46.5% of the company's outstanding ordinary shares.
"No assurance can be given that any definitive offer will be made, that any agreement will be executed or that a transaction with Mr. Chen or any other transaction will be approved or consummated," the company said.
"The company does not intend to disclose developments regarding these matters unless and until its board of directors determines there is a need to update the market."
JUNAN COUNTY, China, Oct. 29, 2012 /PRNewswire-FirstCall/ -- American Lorain Corporation (NYSE Amex: ALN) (the "Company"), an international processed snack foods, convenience foods, and frozen foods company based in the Shandong Province, China, today announced that the special committee of its Board of Directors (the "Special Committee"), formed to consider, review and evaluate the non-binding proposal received on October 9, 2012 from Mr. Si Chen, Chairman, CEO and President of the Company to acquire all of the outstanding shares of common stock of the Company not currently owned, legally or beneficially, by Mr. Chen, has retained Cowen and Company (Asia) Limited as its independent financial advisor to assist the Special Committee in its work. As previously announced, the Special Committee has retained Sidley Austin LLP as its international legal counsel. No assurance can be given that any definitive offer will be made, that any agreement will be executed or that a transaction with Mr. Chen or any other transaction will be approved or consummated. The Company does not intend to disclose developments regarding these matters unless and until its Board of Directors determines there is a need to update the market.
About American Lorain Corporation American Lorain Corporation products include chestnut products, convenience food products and frozen food products. The Company currently sells over 240 products to 26 provinces and administrative regions in China as well as to 42 foreign countries. The Company operates through its five direct and indirect subsidiaries and one leased factory located in China. For further information about American Lorain Corporation, please visit the Company's website at http://www.americanlorain.com.
Original source: American Lorain
- What post-Brexit trade with the EU could look like
- Nestle catering for an ageing global population
- Mondelez on China, Hershey and Q2 results
- Unilever is "working harder" in tough environment
- Food companies can lead on workplace nutrition
- Kar's gets Non-GMO verification for Second Nature
- Kerry Foods sets its sights on C-sector
- Tesco drops John West products over sustainability
- Greencore pays GBP15m for Cranswick sandwich unit
- Job cuts imminent as General Mills restructures