Market Overview

China Shengda Packaging Chairman Withdraws Go Private Offer

China Shengda Packaging Group (NASDAQ: CPGI) today announced, that the special committee of its board of directors (the "Board") has received a letter (the "Letter") from its Chairman, Mr. Nengbin Fang ("Mr. Fang"), withdrawing the preliminary non-binding proposal that he submitted to the Board on October 15, 2012 to acquire all of the shares of common stock of the Company that are not currently owned by him and his family in a going-private transaction, although he intends to continue to pursue a possible going-private transaction with respect to the Company. Mr. Fang stated in an amendment to his Schedule 13D filing with the Securities and Exchange Commission that he is in preliminary discussions with a limited number of shareholders of the Company and potential debt financing sources, including VStone Investment Management Limited, in each case regarding their potential participation in a going private transaction, and that he may approach one or more other shareholders of the Company for such purpose. There can be no assurance, however, that Mr. Fang will make another proposal to take the Company private in the

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Posted-In: News Guidance Management M&A Global

 

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