Xinren Aluminum Holdings says offeror Merit Stand Inc and parties in concert with it has received valid acceptances amounting to about 940 shares, representing 72.10% of the total number of issued shares as of 5pm on Thursday.
This means Merit now controls 1.3 billion shares or 98.64% of the total number of issued shares of Xinren.
Merit is offering to take over the company at 60 cents per share, which is 25% more than Xinren's last traded price of 48 cents before the annoucement. Merit intends to delist the company.
Merit is owned in part by Zeng Chaoyi, who is the sole shareholder of Sunshine International Global Capital, the owns 33% of Xinren. Zeng is the brother of Zeng Chaolin, who also owns part of Merit and is the chief executive and chairman of Xinren. All in, the Zeng family controls 75% of the company.
Xinren closed flat at 60 cents on Thursday.
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This means Merit now controls 1.3 billion shares or 98.64% of the total number of issued shares of Xinren.
Merit is offering to take over the company at 60 cents per share, which is 25% more than Xinren's last traded price of 48 cents before the annoucement. Merit intends to delist the company.
Merit is owned in part by Zeng Chaoyi, who is the sole shareholder of Sunshine International Global Capital, the owns 33% of Xinren. Zeng is the brother of Zeng Chaolin, who also owns part of Merit and is the chief executive and chairman of Xinren. All in, the Zeng family controls 75% of the company.
Xinren closed flat at 60 cents on Thursday.
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