Baring Private Equity Asia will not lead Harbin privatization
NASDAQ-listed Harbin Electric, Inc., a developer and manufacturer of electric motors, announced an end to the planned privatization process for the company in partnership with Baring Private Equity Asia.
Harbin Electric’s Chairman and CEO Tianfu Yang and Baring Private Equity Asia were due to launch a joint $752 million privatization bid. According to Harbin’s statement on the amended and restated agreement between Baring and Harbin Electric, Yang, who currently owns 31.1% of the company, provides that Baring’s participation in the privatization proposal will consist solely of a right (but not an obligation) to provide up to 10% of the financing for the transaction, in the form of debt and/or equity, and Yang will not be restricted from seeking alternative sources of financing, in the form of debt and/or equity, for the transaction. A Special Committee of the Board of Directors will review Yang's proposal as well as other proposals which the company may receive.
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