Harbin's CEO to make another privatization bid - reports
The CEO of Harbin Electric, a NASDAQ-listed developer and manufacturer of electric motors, is reportedly set to make his bid to privatize the company, Reuters reported.
Citing a regulatory filing submitted on Friday, the report suggests that CEO Tianfu Yang may have placed his bid today. The news comes six months after Yang, partnered with Baring Private Equity Asia, made a joint $752 million privatization bid for the company, valuing Harbin at $24 a share. That process came to an end in November after it came to light that Baring's participation in the privatization proposal would consist solely of a right - but not an obligation - to provide up to 10% of the financing for the transaction.
Yang, who owns 31.1% of the company, is said to have secured alternative financing means, Reuters reported.
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