U.S. Markets open in 2 hrs 4 mins

Pingtan Marine Enterprise receives offer for Dredging operations subsidiary

Pingtan Marine Enterprise announced that its board has received an offer from its Chairman and CEO, Xinrong Zhuo, to acquire the assets of China Dredging Group, or CDGC, and its PRC operating subsidiaries, Fujian Xing Gang Port Service. The company's board recently met to review the proposed terms of the offer, and as part of the process the Board has retained an independent financial advisor and investment banking firm, Duff & Phelps LLC, to provide a fairness opinion in connection with a proposed transaction.