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China Ming Yang Wind Power to be Acquired for $2.51/ADS

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China Ming Yang Wind Power Group Limited (NYSE: MY) today announced that it has entered into a definitive merger agreement (the "Merger Agreement") on February 2, 2016 pursuant to which the Company will be acquired by a consortium of investors (the "Buyer Consortium"), including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the Company, in an all-cash transaction which values the Company's equity at approximately US$408 million.

Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each of the Company's ordinary shares, par value US$0.001 per share, issued and outstanding immediately prior to the effective time of the merger (the "Shares") will be cancelled and cease to exist in exchange for the right to receive US$2.51 in cash without interest, and each American Depositary Share ("ADS") of the Company, every ADS representing one Share, will be cancelled in exchange for the right to receive US$2.51 in cash without interest, except for (a) certain Shares (including Shares represented by ADSs) owned by Mr. Chuanwei Zhang and certain affiliates and certain other existing shareholders

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Posted-In: M&A News Press Releases

 

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