Gushan Announces Receipt of Non-Binding Proposal to Acquire All Outstanding Public Shares at $1.599 per ADS in Cash
Gushan Environmental Energy Limited (NYSE: GU) today announced that its Board of Directors has received a preliminary non-binding proposal letter dated February 24, 2012, from Mr. Jianqiu Yu, Chairman and Principal Executive Officer of Gushan, to acquire all of the outstanding ordinary shares of the Company not currently owned, legally or beneficially, by Mr. Jianqiu Yu (the "Buyer"), for US$1.599 per American Depositary Share ("ADS") or US$0.1599 per ordinary share in cash. As of the date hereof, the Buyer controlled approximately 34.8% of the outstanding shares of the Company.
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