Abax Global Capital Ltd. plans to start a private equity fund in China that invests in companies making environmentally friendly products, according to Bloomberg.
Best Damn Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move.
Abax, a Hong Kong-based hedge fund manager backed by Morgan Stanley, aims to raise about 500 million yuan ($73 million) from Chinese investors by its first close in two months, according to Donald Yang, Abax’s Hong Kong-based president, in an interview on Aug. 21.
Abax, which manages about $560 million, also opened its Tudor Investment Corp.-backed Asia macro fund, which seeks to profit from regional economic trends, to outside investors for the first time.
Abax is hiring at least three people for the Chinese private equity fund.
2012年5月12日星期六
2012年5月10日星期四
Harbin Electric to Be Taken Private by CEO Yang, Abax Global Capital For $24/share Cash
Chinese electric motors maker Harbin Electric, Inc. (HRBN: News ) agreed Monday to be taken private by its Chairman and CEO Tianfu Yang, and Abax Global Capital for $24.00 per share in cash. The acquiring conglomerate had reaffirmed their offer to take the company private on June 10. The deal has the approval of the company's board, which has recommended that its shareholders vote to approve the Merger Agreement.
The company expects the merger deal to currently close in the fourth quarter of this year. Following the completion of the merger, Harbin shares will no longer be listed on any public market. However, no assurance can be given that the merger will be completed as it is subject to approval by the company's shareholders.
"I want to thank the Special Committee for its extremely thorough work in reviewing our offer to take the Company private in order to ensure that the interests of all shareholders of the Company are fully protected," Yang said in a statement.
Yang and Abax have offered to acquire all of the outstanding shares of common stock of Harbin Electric not currently owned by them and their respective affiliates. They together own about 40.6 percent of Harbin Electric's outstanding shares.
Harbin, China-based Harbin Electric had earlier formed as special committee of independent directors to consider and evaluate this proposal from Yang and Abax. The Special Committee negotiated the terms of the deal with the assistance of its financial and legal advisers, Morgan Stanley & Co. Incorporated and Lazard Freres & Co. LLC, and Gibson Dunn & Crutcher LLC.
"I have full confidence that, with the help of its highly respected financial and legal advisors, the Special Committee has thoroughly reviewed and evaluated potential alternatives and has established the credibility of our offer, including the availability of debt financing from China Development Bank Corporation Hong Kong Branch and Abax," Yang added.
The merger will be funded by debt financing from China Development Bank Corp. Hong Kong Branch and affiliates of Abax, which has also issued an equity commitment letter committing certain funds and/or entities it manages or advises to provide additional equity financing. The merger will be executed by Tech Full Electric Co. Ltd., the acquisition vehicle formed for the deal.
Abax Global Capital may buy Fushi Copperweld
Chinese bimetallic wire products maker Fushi Copperweld, Inc. is facilitating the due diligence investigation of the company by Fu and Abax to enable them to submit a firm offer.
Beijing -based Fushi Copperweld was providing an update regarding the “Going Private” proposal it received from its chairman and Co-CEO Li Fu and private equity firm Abax Global Capital (Hong Kong) Ltd. in early November 2010.
Earlier, the Fushi’s Board formed a special committee of independent directors to consider the proposal.
The committee negotiated and executed confidentiality and standstill agreements with both Fu and Abax.
Currently, the committee is also considering other strategic alternatives, including other proposals and even continuing to remain an independent public company.
However, Fushi added that there can be no assurance that any deal will be struck with Fu and Abax or even others.
BofA Merrill Lynch is serving as independent financial adviser to the special committee and Gibson, Dunn & Crutcher LLP is serving as independent legal counsel.
Fu and Abax together have offered to take the company private for $11.50 per share in cash by offering to acquire all of the outstanding shares of Fushi not currently owned by Fu and his affiliates, who currently own about 29.2 percent of Fushi’s common stock.
The offer price currently represents a 94% premium to the company’s closing stock price of $5.93 on Wednesday, but represented only a 26% premium to its closing price of $9.10 on November 2, 2010, the day prior to when the “going private” proposal was made.
Harbin Electric Agrees upon Proposal by CEO and Abax Global Capital
Harbin Electric, Inc., an electric motor producer in China 4’ 11 at the price of US$24 per share.
According to the announcement, the acquirers, aside from Yang Tianfu, were teamed up with parts of staff from Harbin Electric and Abax Global Capital, with 40.6% share holding in Harbin Electric at present. Yang Tianfu will buy all of tradable shares of the company in cooperation with Abax Global Capital and the trading volume involved is expected to reach US$750M , if calculated at the price of US$24 per share and the total number of tradable shares by the end of May 9.
Fushi Copperweld Gets Buyout Offer from CEO, Abax Global Capital
(Reporting by Divya Sharma in Bangalore; Editing by Unnikrishnan Nair)
Fushi Copperweld has received a buyout offer from its chief executive, along with private equity shop Abax Global Capital, Reuters reported. The offer values the Chinese wiremaker at $433.8 million. Abax Global, along with chief executive Li Fu, offered $11.50 per share for the company – a 26% premium over the company’s closing price Tuesday. CEO Li Fu already owns 29.9% of the company, Reuters said.
(Reuters) – Chinese wire maker Fushi Copperweld Inc said its chief executive, along with private equity fund Abax Global Capital, offered to take the company private in a deal that values the company at $433.8 million.
The offer of $11.50 per share is at a 26 percent premium to the stock’s closing price on Tuesday on Nasdaq. Shares of the company were up about 25 percent in pre-market trade on Wednesday.
CEO Li Fu, who already owns 29.2 percent of the company’s shares, and Abax will finance the acquisition with a combination of debt and equity, and the equity portion of the financing would be provided by Fu, the company said.
Beijing-based Fushi, which has $117.87 million in cash and equivalents and $5.94 million in long-term debt, makes wires used in a variety of telecommunication, utility, transportation and other electrical applications.
Last month, Chinese motor maker Harbin Electric Inc received an offer from its CEO and Baring Private Equity Asia Group Ltd to take the company privte.
Harbin CEO and Abax Global Capital back $750 million buyout offer, shares rise
Chinese electric motor maker Harbin Electric Inc (HRBN.O) said its chief executive and Abax Global Capital had reaffirmed their offer to take the company private for $750 million, after a research firm raised doubts about the deal going through.
Shares of the company rose 10 percent to a high of $17 on Friday on Nasdaq, but were still much below the offer price of $24 a share, indicating investor skepticism.
CEO Tianfu Yang made the offer in last October but is yet to make a formal bid.
Davis Polk Advises Abax Global Capital in Connection With a Going-Private Transaction Involving Harbin Electric
Davis Polk is advising Abax Global Capital in connection with a going-private transaction which will result in Nasdaq-listed Harbin Electric, Inc. being taken private by Tech Full Electric Company Limited, an acquisition vehicle that will be owned by the chairman and CEO of Harbin Electric, Mr. Tianfu Yang, certain other members of Harbin Electric's management and Abax Global Capital. In connection with the transaction, each of Harbin Electric's shares of common stock will be converted into the right to receive $24 in cash without interest, except for shares held by Abax Global Capital, Mr. Yang and certain other members of management. The transaction is being financed with a $400 million senior loan facility from China Development Bank, a $25 million term loan from Abax Global Capital, $25 million of warrants and a $38.8 million equity commitment from Abax Global Capital. The transaction is expected to close in the fourth quarter of 2011 and is subject to customary closing conditions, including approval by Harbin Electric's shareholders.
Harbin Electric, headquartered in Harbin, China, is a leading developer and manufacturer of a wide array of electric motors with a focus on innovative, customized and value-added products. Harbin Electric's major product lines include industrial rotary motors, linear motors and specialty micro-motors.
Abax Global Capital is an alternative investment manager with a focus on Greater China and currently manages total assets of approximately $900 million.
The Davis Polk corporate team includes partner Mark J. Lehmkuhler. Partner John D. Paton is providing tax advice. Members of the team are based in the Hong Kong and London offices.
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