Synutra International, Inc. (NASDAQ: SYUT), an infant formula company based in China, announced on Friday that its Board of Directors has set up an independent committee to evaluate a proposal from the company's Chairman and CEO, Liang Zhang, to acquire the entire company and take it private.
Synutra disclosed on Tuesday that Zhang, along with a consortium of investors, offered to buy all existing shares of Synutra for $5.91.
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Shares of Synutra were trading higher by 3.14 percent at $4.93 early Friday afternoon.
Synutra did note that no decision has yet to be made by the special committee and there can be no assurances that any definitive offer will be made.