Attached files
file | filename |
---|---|
8-K - Fushi Copperweld, Inc. | v200848_8k.htm |
Fushi
Copperweld, Inc. Announces Receipt of 'Going Private' Proposal at $11.50 Per
Share
<BEIJING>,
<Nov. 3, 2010> /PRNewswire-Asia-FirstCall/ -- Fushi Copperweld, Inc.
("Fushi" or the "Company") (Nasdaq: FSIN ), the leading global manufacturer and
innovator of copper-clad bimetallic wire used in a variety of telecommunication,
utility, transportation and other electrical applications, today announced that
its Board of Directors has received a proposal letter from its Chairman and
Chief Executive Officer, Mr. Li Fu ("Mr. Fu") and Abax Global Capital (Hong
Kong) Limited on behalf of funds managed by it and its affiliates ("Abax") for
Mr. Fu and Abax to acquire all of the outstanding shares of Common Stock of
Fushi not currently owned by Mr. Fu and his affiliates in a going private
transaction for $11.50 per share in cash, subject to certain conditions. Mr. Fu
and his affiliates own approximately 29.2% of Fushi's Common
Stock. According to the proposal letter, Mr. Fu and Abax will
form an
acquisition vehicle for the purpose of completing the acquisition and plan to
finance the acquisition with a combination of debt and equity capital. The
proposal letter states that the equity portion of the financing would be
provided by Mr. Fu, Abax and related sources. The proposal letter also states
that Mr. Fu and Abax are currently in discussion to engage a financial advisor
to the acquisition vehicle that will be formed by Mr. Fu and Abax.
Fushi's
Board of Directors has formed a special committee of independent directors
consisting of John F. "Jack" Perkowski, Barry Raeburn and Feng Bai (the "Special
Committee") to consider this proposal. The Special Committee intends to retain
independent advisors, including an independent financial advisor, to assist it
in its work. No decisions have been made by the Special Committee with respect
to Fushi's response to the proposal. There can be no assurance that any
definitive offer will be made, that any agreement will be executed or that this
or any other transaction will be approved or consummated.
About
Fushi Copperweld
Fushi
Copperweld Inc., through its wholly owned subsidiaries, Fushi International
(Dalian) Bimetallic Cable Co. Ltd., and Copperweld Bimetallics LLC, is the
leading manufacturer and innovator of copper-clad bimetallic engineered
conductor products for electrical, telecommunications, transportation, utilities
and industrial applications. With extensive design and production capabilities,
and a long-standing dedication to customer service, Fushi Copperweld is the
preferred choice for bimetallic products worldwide.
Safe
Harbor Statement
This
press release may include certain statements that are not descriptions of
historical facts, but are forward-looking statements. Forward-looking statements
can be identified by the use of forward-looking terminology such as "will"
"believes", "expects" or similar expressions. These forward-looking statements
may also include statements about our proposed discussions related to our
business or growth strategy, which is subject to change. Such information is
based upon expectations of our management that were reasonable when made but may
prove to be incorrect. All of such assumptions are inherently subject to
uncertainties and contingencies beyond our control and upon assumptions with
respect to future business decisions, which are subject to change. We do not
undertake to update the forward-looking statements contained in this press
release. For a description of the risks and uncertainties that may cause actual
results to differ from the forward-looking statements contained in this press
release, see our most recent Annual Report filed with the Securities and
Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies
of filings made with the SEC are available through the SEC's electronic data
gathering analysis retrieval system (EDGAR) at www.sec.gov.
For
more information, please contact:
Investors
Nathan
J. Anderson, VP/Corporate Development - Fushi Copperweld Inc.
Phone
+1.931.433.0482 - E-mail: IR@fushicopperweld.com
Web:
www.fushicopperweld.com
|
<CONTACT:
Nathan J. Anderson, VP/Corporate Development - Fushi Copperweld Inc. at
+1-931-433-0482 or IR@fushicopperweld.com >