TORONTO - The CEO of Chinese-Canadian fertilizer producer Hanfeng Evergreen Inc. (TSX:HF) is offering C$2.25 per share to take the company private — five cents per share more than his initial bid.
The latest offer from Xinduo Yu, who already owns about one-fifth of Hanfeng's stock, is also above Friday's closing price of $2.16 and above the Jan. 7 closing price of $1.59, prior to the initial announcement
The company says Yu's latest offer has the support of a committee of independent directors and of Calgary-based Agrium Inc.. (TSX:AGU), which also owns about 20 per cent of Hanfeng.
The deal also requires a favourable vote by shareholders and court approval.
Hanfeng shares were at $2.21, up five cents, at midmorning Monday on the Toronto Stock Exchange.
