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Zhongpin agrees to go private in $418M deal

NEW YORK (AP) -- Chinese pork and produce processor Zhongpin Inc. said Monday that it agreed to be taken private by its chairman and CEO in a deal worth about $418 million.

Xianfu Zhu offered to buy Zhongpin in March for $13.50 per share in cash. Zhu and his partners in the deal own about 26 percent of the company's outstanding shares.

Zhongpin said the offer comes at a premium of about 47 percent based on the company's share price on March 26.

The company's stock rose $1.73, or 15.9 percent, to $12.59 in morning trading.

Zhongpin sells pork products, vegetables and fruits in China. Its distribution network in China included about 3,400 retail outlets as of the end of last year.