Le Gaga Receives 'Going Private' Proposal of $4.01/ADS and $0.0802/Ordinary Share

Le Gaga Holdings Limited GAGA ("Le Gaga" or the "Company"), a leading greenhouse vegetable producer in China, announced today that its board of directors has received a non-binding proposal letter dated May 21, 2013 from Ms. Na Lai Chiu, the chairman of the Company's board of directors, Mr. Shing Yung Ma, a director and the chief executive officer of the Company, and SC China Holding Limited, a company indirectly wholly owned by Mr. Neil Nanpeng Shen, a director of the Company, on behalf of funds managed and/or advised by it (together with its and their affiliates, Ms. Na Lai Chiu and Mr. Shing Yung Ma, the "Consortium") to acquire all of the outstanding shares of the Company not currently owned by the Consortium in a "going private" transaction (the "Transaction") at a price of US$4.01 in cash per American Depositary Share of the Company ("ADS," each ADS representing 50 ordinary shares of the Company), or US$0.0802 in cash per ordinary share of the Company, as the case may be. According to the proposal letter, the Consortium intends to form an acquisition company to implement the Transaction, and has held discussions with certain See full press release