Management, private equity launch takeover bid for China Natural Gas
China Natural Gas, a NASDAQ-listed compressed natural gas provider, plans to go private, backed by a group comprising the company chairman and CEO and Themes Investment Partners. Ji Qinan, the chairman and CEO, has entered into an exclusivity agreement with a consortium led by Themes, a China-focused private equity firm, to work on a bid.
They have initially proposed to pay $4.25 per share in cash - a 23% premium on last Wednesday's closing price - for all outstanding shares of common stock. Ji currently owns about 13.99% of the common...
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