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September 13, 2012
08:01 EDTGUGushan Environmental says merger offer increased to $1.65/ADS from $1.62/ADS
Gushan Environmental announced that it has entered into an amendment to its previously announced agreement and plan of merger with Trillion Energy, Trillion Energy Investments, and Jianqiu Yu, the Company's Chairman. Pursuant to the Amendment, the consideration payable to ordinary shareholders is increased from $0.162 to $0.165 per ordinary share, or $1.62 to $1.65 per American Depositary Share, in cash without interest. The Revised Merger Consideration represents a 34.15% premium over the closing price as quoted by Bloomberg L.P. on February 23, and a 28.11% over the 30-trading day volume weighted average price as quoted by Bloomberg L.P. on February 23, the last trading day prior to the Company's announcement on February 24, that it had received a "going private" proposal. In addition, the Amendment revises the required shareholder vote at the upcoming extraordinary general meeting of the Company's shareholders for the approval and adoption of the Amended Merger Agreement.
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