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  • trader1896 trader1896 May 10, 2012 7:39 AM Flag

    Buyout Making Progress but Slightly Disappointment.....

    I try to do some DD and give a fair thought....

    Zhongpin Announced today that the special committee of the Company's board of directors (the "Special Committee") has appointed Barclays Bank PLC as its independent financial advisor. Akin Gump Strauss Hauer & Feld LLP has been retained as the Special Committee's legal counsel.

    I say it made progress because the special committee finally hires first rated Barclays Bank PLC as its financial advisor. This is not cheap and they need to pay a lot. They would not do that if they are not serious. For the buyout, be patient...

    However, it takes almost a month and half to finally hire such financial advisor and still there is no timetable to finalize the "definite agreement" vs. CEO Mr. Zhu said in the letter: "I am prepared to negotiate and finalize definitive agreements providing for the Acquisition and related transactions <very promptly>"....

    This is slightly disappointment but I know there are a lot of things needed to be done, including finance.

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