Abax wins board approval for Fushi Copperweld MBO
Abax Global Capital has finalized a $363.8 million buyout of US-listed Chinese wire manufacturer Fushi Copperweld in alliance with company management. The transaction has taken about 18 months to close and represents Abax’s second successful take-private deal, following Harbin Electric last year.
The Fushi board has approved an offer from Li Fu, its chairman and co-CEO, and Abax, of $9.50 per share, which represents a premium of 21% on the stock's closing price on Thursday. It is lower than the...
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