Xindaxin Proposes To Buy Origin Agritech For US$2.50/shr - Quick Facts

(RTTNews) - Origin Agritech Limited (SEED) announced its Board has received a preliminary non-binding proposal letter from Hunan Xindaxin Company Limited, pursuant to which Xindaxin proposes to acquire the company for US$2.50 in cash per ordinary share.

Xindaxin is the controlling shareholder of Yuan Longping Hi-Tech Agriculture Co., Ltd., a China-based company listed on the Shenzhen Stock Exchange primarily engaged in the research, production and sale of agricultural products.

Origin Agritech said its Board is reviewing and evaluating Xindaxin's proposal. The company said it does not undertake any obligation to provide any updates with respect to the deal or any other transaction, except as required under applicable law.