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China XD Plastics Enters Going Private Transaction with Parent Subsidiary.

Document Cited in Related
Vincent

MANews-(C)2009-2020

China XD Plastics company Ltd. (NASDAQ: CXDC), a speciality chemical, has entered into a definitive Agreement and Plan of Merger with Faith Dawn Ltd. and Faith Horizon Inc. a Nevada corporation and a wholly-owned subsidiary of Parent, owned by Jie Han, board chair and CEO in a going-private transaction, the company said.

The chairman and XD. Engineering Plastics company Ltd., an entity wholly-owned by the chairman currently beneficially own 33,065,054 shares of common stock, par value USD 0.0001 per share, of the company and 1m shares of series B preferred stock, par value USD 0.0001 per share, of the company, representing approximately 70% of the voting power and approximately 50.1% of the share capital of the company.

Pursuant to the Merger Agreement, Parent will acquire all of the outstanding common shares of the company for a cash consideration equal to USD 1.2 per share, representing a premium of 25% over the company's closing price of USD 0.96 per share.

The Merger Consideration also represents an increase of approximately...

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