Harbin Electric MBO nears finish, despite critics
Harbin Electric's Chairman has won board approval for his privatization bid, bringing an eight-month saga that has featured several class-action lawsuits and unremitting attacks from short-sellers nearer to a close. The buyers – the chairman, other company executives and Abax Global Capital – already own 40% of the outstanding shares, and it will cost them $463.8 million to pick up the remainder.
One of the largest management buyouts of a Chinese company listed in the US, it is expected to add momentum to the spate of privatizations seen in the last year. Three Chinese firms have successfully de-listed...
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