Zhongpin Spikes 25% on Going Private Proposal
Shares of Zhongpin (NASDAQ: HOGS) are seeing much strength during Tuesday's trading session after the company announced a proposal from the Chairman to take the company private at $13.50 per share.
Chairman and Chief Executive Officer, Mr. Xianfu Zhu stated his intent to acquire all of the outstanding shares of Zhongpin's common stock not currently owned by him in a going private transaction at a proposed price of $13.50 per share in cash. Mr. Zhu currently beneficially owns approximately 17.5% of the Company's common stock.
Currently, shares of Zhongpin are trading about 23% higher at $11.43 per share.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.