Chinese transformer manufacturer to consider takeover proposal
USA, New Jersey: Jinpan International Limited, Chinese manufacturer and distributor of cast resin transformers, has announced that its Board of Directors has established a special Independent Committee to consider the preliminary, non-binding proposal letter received on September 15, 2015.
As previously reported by transformers Magazine, the letter was received from Zhiyuan Li, the Company’s Chairman of the Board of Directors, President, and Chief Executive Officer and Forebright Smart Connection Technology Limited to acquire all of the outstanding common shares of the Company not currently owned by the Buyer Parties in a going private transaction.
The Independent Committee, composed of three independent directors of the Company, is in the process of engaging a financial advisor and legal counsel to assist it in its work.
Source: PR Newswire