Guangming Foods (Group) Co., Ltd. (hereinafter referred to as Bright Food) has encountered the storm again. When the outside world expects Bright Food to complete the acquisition of the health care product giant Jian Anxi, there is news of abandoning the acquisition. Cao Shumin, president of Bright Foods, confirmed to the Morning Post reporter on the phone last night that the transaction had indeed stopped. The reason for the stoppage of the acquisition was mainly due to the failure of Bright Foods to complete the transaction within the time specified by the other party.
Just less than two months ago, Cao Shumin told the Morning Post reporter that Guangming Foods was in the process of negotiating a 55% equity interest in Jian Anxi and negotiating with the other party, and Guangming Foods had already convened the board of directors and general meeting of shareholders to discuss and approve the acquisition.
Cao Shumin said that price is not the main reason for the failure of this acquisition, and time is the key. According to reports, according to Jian Anxi's request, Bright Foods needs to complete the relevant formalities required by the exchange before the end of last year, otherwise Jian An Xi will choose to go public instead of being acquired.
Cao Shumin explained that "We are a state-owned enterprise and not a private enterprise. We need to go a lot and we have different things at home and abroad."
According to reports, Jian Anxi was once a listed company and was privatized in 1999. In 2007, the investment company Ruisheng Management Group and the Ontario Teachers’ Pension Planning Committee jointly purchased Jian Anxi from Apollo Management. In September last year, Jian Anxi submitted a listing application report to the relevant US regulatory authorities.
Although the acquisition transaction was suspended, Bright Foods' interest in Jian Anxi did not seem to have disappeared. Cao Shumin said last night, "If they are listed, we can be shareholders; if they come to China, the two sides can also cooperate, of course, on the premise that both sides have the will in this regard."
According to available data, Guangming Foods established a strategic partnership with Jian Anxi in March of last year. At that time, Guangming Foods planned to establish a joint venture with Jian Anxi and introduce the latter into China. Cao Shumin believes that China's health care products market has a promising future. Jian Anxi is also bound to vigorously explore the Chinese market in the future.
Just less than two months ago, Cao Shumin told the Morning Post reporter that Guangming Foods was in the process of negotiating a 55% equity interest in Jian Anxi and negotiating with the other party, and Guangming Foods had already convened the board of directors and general meeting of shareholders to discuss and approve the acquisition.
Cao Shumin said that price is not the main reason for the failure of this acquisition, and time is the key. According to reports, according to Jian Anxi's request, Bright Foods needs to complete the relevant formalities required by the exchange before the end of last year, otherwise Jian An Xi will choose to go public instead of being acquired.
Cao Shumin explained that "We are a state-owned enterprise and not a private enterprise. We need to go a lot and we have different things at home and abroad."
According to reports, Jian Anxi was once a listed company and was privatized in 1999. In 2007, the investment company Ruisheng Management Group and the Ontario Teachers’ Pension Planning Committee jointly purchased Jian Anxi from Apollo Management. In September last year, Jian Anxi submitted a listing application report to the relevant US regulatory authorities.
Although the acquisition transaction was suspended, Bright Foods' interest in Jian Anxi did not seem to have disappeared. Cao Shumin said last night, "If they are listed, we can be shareholders; if they come to China, the two sides can also cooperate, of course, on the premise that both sides have the will in this regard."
According to available data, Guangming Foods established a strategic partnership with Jian Anxi in March of last year. At that time, Guangming Foods planned to establish a joint venture with Jian Anxi and introduce the latter into China. Cao Shumin believes that China's health care products market has a promising future. Jian Anxi is also bound to vigorously explore the Chinese market in the future.
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