Reuters: Mergers News: UPDATE 1-Gushan to be taken private by chairman

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Gushan to be taken private by chairman Jun 4th 2012, 16:00 June 4 | Mon Jun 4, 2012 12:00pm EDT June 4 (Reuters) - Chinese biodiesel producer Gushan Environmental Energy Ltd said it will be taken private by its chairman, valuing the company at $30.9 million. Gushan shares rose 42 percent to $1.34 Monday on the New York Stock Exchange. The cash offer of $1.62 per American Depositary Share represents a premium of 71 percent to the stock's Friday close and is 3 cents higher than Chairman Jianqiu Yu's previous offer. Yu, who holds 34.8 percent of the company, first made a takeover offer on February 24. Yu has formed a transaction vehicle for the deal that he will finance with his own funds. The deal is expected to close before the end of the third quarter of 2012. Gushan also said its first-quarter net loss narrowed to $332,000, or 2 cents per ADS, from $17.48 million, or $1.08 per ADS, a year ago. Gushan sells biodiesel directly to users, such as marine vessel operators and chemical factories, and to petroleum wholesalers and retail gas stations. Link this Share this Digg this Email Reprints

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