Gushan Environmental shareholders okay management buyout

Oct 15, 2012 - Chinese biodiesel and copper producer Gushan Environmental Energy Ltd (NYSE:GU) today said its shareholders had approved an amended merger with Trillion Energy Holdings, owned by Gushan's chairman.

Once the deal has been wrapped up, trading of Gushan's shares on the New York bourse will be suspended.

At an extraordinary general meeting on Monday, Gushan's shareholders voted in favour of the proposed amended merger. The transaction will result in the firm becoming a wholly-owned unit of British Virgin Islands-based Trillion, owned by Gushan chairman and principal executive Jianqui Yu. The latter currently holds a 34.8% stake in Gushan.

On September 13, Trillion Energy offered to buy all of Gushan for USD 1.65 (EUR 1.27m) apiece, marking an increase over an earlier offer of USD 1.62 per share. The companies expect to close the deal as soon as possible.

(USD 1 = EUR 0.772)

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