China Shengda Packaging Chairman Withdraws Bid to Take Company Private
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China Shengda Packaging Group, Hangzhou, China, reports that its board received a letter from its chairman, Nengbin Fang, withdrawing a preliminary non-binding proposal that he submitted last month to acquire all of the company's shares of common stock not currently owned by him and his family. However, Fang says that he intends to continue pursuing a going-private transaction with the company.
Fang stated in an amendment to his Schedule 13D filing with the Securities and Exchange Commission that he is in preliminary discussions with a number of company shareholders and potential debt financing sources, including VStone Investment Management Ltd, regarding their participation in a going-private transaction, and that he may approach one or more other shareholders for such purpose.
China Shengda Packaging designs, manufactures, and sells flexo-printed and color-printed corrugated paper cartons. It also produces corrugated paperboards.
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