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News Breaks | | | | March 4, 2013 | | 08:41 EDT |  | NEWN | New Energy announces receipt of non-binding going private proposal
New Energy announced that its board has received a preliminary, non-binding proposal from its Chairman and CEO Weihe Yu, which stated that Yu intends to acquire all of the outstanding shares of the company's common stock not currently owned by him in a going private transaction at a proposed price of $1.30 per share in cash. Yu currently beneficially owns approximately 13.65% of the Company's common stock. The company's board intends to form a special committee of independent directors to consider this proposal and any additional proposal that may be made by Yu and his affiliates, if any. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that a transaction with Yu or any other transaction will be approved or consummated. | |
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