Le Gaga Holdings Limited Special Committee Selects Advisors
18 Junio 2013 - 5:00AM
Le Gaga Holdings Limited (Nasdaq:GAGA) ("Le Gaga" or the
"Company"), a leading greenhouse vegetable producer in China, today
announced that the special committee of the Company's board of
directors (the "Special Committee") has appointed Duff &
Phelps, LLC as its independent financial advisor and Akin Gump
Strauss Hauer & Feld LLP as its U.S. legal counsel.
As previously announced, the Company's board of directors formed
the Special Committee to review and evaluate the May 21, 2013
non-binding proposal from Ms. Na Lai Chiu, the chairman of the
Company's board of directors, Mr. Shing Yung Ma, a director and
chief executive officer of the Company, and Sequoia Capital China
(together with Ms. Na Lai Chiu and Mr. Shing Yung Ma, the
"Consortium") to acquire all of the outstanding shares of the
Company not currently owned by the Consortium in a "going private"
transaction at a proposed price of US$4.01 in cash per American
Depositary Share of the Company ("ADS," each ADS representing 50
ordinary shares of the Company) or US$0.0802 in cash per ordinary
share of the Company, as the case may be, subject to certain
conditions (the "Proposal").
The Company cautions its shareholders and others considering
trading in its securities that the Special Committee is continuing
its evaluation of the Proposal, as well as the Company's other
strategic alternatives, and no decisions have been made by the
Special Committee with respect to its response to the Proposal.
There can be no assurance that any definitive offer will be made by
the Consortium, that any agreement will be executed, or that the
Proposal or any other transaction will be approved or consummated.
The Special Committee has not set a definitive timetable for the
completion of its evaluation of the Proposal or any other strategic
alternatives and does not currently intend to announce developments
unless and until an agreement has been reached.
About Le Gaga Holdings Limited
(Nasdaq:GAGA)
Le Gaga is a leading greenhouse vegetable producer in China. The
Company sells and markets greenhouse vegetables such as peppers,
tomatoes, cucumbers and eggplants, as well as green leafy
vegetables to wholesalers, institutional customers and supermarkets
in China and Hong Kong. The Company has successfully built a
trusted brand among its customers. The Company currently operates
farms in the Chinese provinces of Fujian, Guangdong and Hebei.
Leveraging its large-scale greenhouses, proprietary horticultural
know-how and comprehensive database, the Company specializes in
producing and selling high-quality, off-season vegetables during
the winter months.
Cautionary Note Regarding Forward-Looking
Statements: This press release may contain
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," expects" and
similar references to future periods. Forward-looking statements
are based on our current expectations and assumptions regarding our
business, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. Our actual results may differ materially
from those contemplated by the forward-looking statements. They are
neither statements of historical fact or guarantees or assurances
of future performance. We caution you therefore against relying on
any of these forward-looking statements. Factors that could cause
actual results to differ materially from such statements, as well
as additional risk factors, are detailed in the Company's most
recent filings with the Securities and Exchange Commission. Any
forward-looking statement made by us in this press release speaks
only as of the date on which it is made. We undertake no obligation
to publicly update any forward-looking information contained in
this press release or with respect to the announcements described
herein, except as may be required by law.
CONTACT: For further information, please contact:
PR China
Jane Liu
Tel: (852) 2522 1838
Email: jliu@prchina.com.hk
Henry Chik
Tel: (852) 2522 1368
Email: hchik@prchina.com.hk
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