Harbin Electric management buyout receives board approval
Shares in NASDAQ-listed Harbin Electric jumped as much as 73% on Monday as the board agreed to a management buyout backed by private equity firm Abax Global Capital and China Development Bank. The stock closed at $13.35, up 59%, but still well below the $24 per share buyout offer worth around $750 million.
There had been a great deal of skepticism as to whether CEO Yang Tianfu could close the deal. First, Baring Private Equity Asia pulled out of an agreement struck last year to participate in the buyout....
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