Abax, chairman lower MBO offer for Fushi Copperweld
Abax Global Capital and the chairman of Fushi Copperweld have lowered their buyout offer for the Chinese company. They are proposing to pay $9.25 per share, down from $11.50 announced in November of last year, which values the deal at about $353.4 million.
A special committee convened by the wire manufacturer's board has been examining the management buyout offer and is reviewing the latest proposal, Dow Jones Newswires reported. The company said that the...
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