|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||5.99 - 6.01|
|52 Week Range||5.99 - 6.01|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||2.50|
The messy battle to control China's largest producer of industrial gases has turned into a serendipitous victory for minority investors that could encourage more shareholder activism in Asia. The decision by Yingde Gases Group's shareholders earlier in March to oust five directors ended a four-month battle for control of the $1.6 billion company's board in a clash over how to improve its finances and business. The increase in public activist campaigns also highlights how investors including Elliott Management Corp, BlackRock Inc and Hong Kong-based hedge fund Oasis Management are becoming more public as they try to rally other minority shareholders to boost returns from laggard stocks.
Air Products and Chemicals Inc said on Friday it would drop a proposed $1.5 billion bid for China's largest producer of industrial gases, leaving the door open for a competing offer from Hong Kong-based private equity firm PAG. It gave no further reasons for its decision, which came less than a day after Yingde said its financial position could be "materially adversely impacted" following a management reshuffle. Yingde's profit warning sent its shares down 4.4 percent on Friday to close at HK$6.26.
A majority of Yingde Gases Group's shareholders voted to keep two of its co-founders and main shareholders on its board and oust five other board members, ending a four-month battle for control of the $1.5 billion company. Amid the power struggle, China's largest industrial gases company is in play, with U.S. industrial gas maker Air Products making a takeover approach, and Hong Kong-based private equity firm PAG agreeing to buy a substantial stake.
A majority of Yingde Gases Group's shareholders voted against a resolution to remove two of its co-founders and main shareholders from its board, the latest chapter in a battle for control that could result in changed leadership at the Chinese company. Amid the power struggle, China's largest industrial gases company is in play, with U.S. industrial gas maker Air Products making a takeover approach, and Hong Kong-based private equity firm PAG agreeing to buy a substantial stake.
A four-month-old boardroom clash for management control of China’s Yingde Gases Group Co. may be about to end. Bloomberg's Jonathan Browning explains the situation on "Bloomberg Markets." (Corrects ...
Yingde Gases Group Co. Chairman Zhao Xiangti’s agreement to sell his stake to a private equity firm undermined the chance of a better deal from other potential buyers, according to an expelled founder ...
Yingde Gases Group Co Ltd said on Monday Chief Executive He Yuanping has resigned and will remain a director of the company until the completion of a strategic review that may result in the sale of one of China's largest industrial gases firms. The company has been involved in a takeover battle in recent months rarely seen in Hong Kong, with the latest twist taking place last week when Hong Kong-based private equity firm PAG agreed to buy the combined 42.1 percent stake of co-founders Zhao Xiangti, Sun Zhongguo and Trevor Strutt for $616 million. Sun and Strutt, previously the Chairman/CEO and chief operating officer of Yingde, respectively, were relieved from their posts during a November board meeting that named Zhao chairman of the company and have since been in a legal fight to be reinstated.
Hong Kong-based private equity firm PAG has struck a deal with the three co-founders of Yingde Gases to buy their stake in the firm for $616 million, the latest twist in a months-long battle for control one of China's largest industrial gases company. PAG signed an agreement with Zhao Xiangti, Sun Zhongguo and Trevor Strutt to buy their combined 42.1 percent stake at a price of HK$6 ($0.7729) per share, Yingde said in a filing to the Hong Kong stock exchange.
Air Products & Chemicals Inc. has hit a bump as it attempts the largest U.S. takeover of a Chinese firm in more than a decade, stymied by an extended boardroom battle at Yingde Gases Group Co.
On January 13, 2017, APD stock closed at $145.35, posting a 0.7% rise for the week. APD outperformed the Materials Select Sector SPDR Fund (XLB), which went up 0.5% during the same period.
Air Products & Chemicals Inc. made an offer to buy China’s biggest producer of industrial gases as it seeks to compete with rivals such as Praxair Inc. in an industry marked by a wave of consolidation....