Shanda Interactive Entertainment said its board received a preliminary non-binding proposal letter from Tianqiao Chen, its CEO, to buy all outstanding ordinary shares of the online game company not owned by him, his wife or brother for $41.35 per American Depositary Share or $20.675 per ordinary share in cash. Chen’s wife, Qianqian Luo, is a board member, while his brother, Danian Chen, is a board member and chief operating officer. As of Sept. 30, the three executives controlled about 68.4 percent of the company’s shares, Shanda said. The buyer group “held preliminary discussions” with J.P. Morgan about financing the proposed transaction and received a “Highly Confident” letter from the investment firm, Shanda said. The board formed a special committee of independent directors to consider the transaction, it said.
Shanda Interactive Entertainment said its board received a preliminary non-binding proposal letter from Tianqiao Chen, its CEO, to buy all outstanding ordinary shares of the online game company not owned by him, his wife or brother for $41.35 per American Depositary Share or $20.675 per ordinary share in cash. Chen’s wife, Qianqian Luo, is a board member, while his brother, Danian Chen, is a board member and chief operating officer. As of Sept. 30, the three executives controlled about 68.4 percent of the company’s shares, Shanda said. The buyer group “held preliminary discussions” with J.P. Morgan about financing the proposed transaction and received a “Highly Confident” letter from the investment firm, Shanda said. The board formed a special committee of independent directors to consider the transaction, it said.
The International Trade Administration is publishing notices in the October 18, 2011 Federal Register on the following AD/CV proceedings (any notices that announce changes to AD/CV duty rates, the scope, affected firms, or effective dates will be detailed in another ITT article):
The International Trade Administration has issued its preliminary affirmative countervailing duty determination on high pressure steel cylinders from China (C-570-978), which sets the estimated CV cash deposit/bond rate of 22.34% for mandatory respondent Beijing Tianhai Industry Co., Ltd., and its cross-owned companies Tianjin Tianhai High Pressure Corp., Ltd. and Langfang Tianhai High Pressure Container Co., Ltd. All other Chinese manufacturers/exporters also have a 22.34% rate.
The International Trade Administration has issued its final affirmative determination that countervailable subsidies are being provided to producers and exporters of multilayered wood flooring from China (C-570-971). The countervailing duty rates for affected companies have been reduced for all firms but two, the China-wide rate has been revised, and 14 tariff numbers have been dropped from the scope of the investigation. Although this final CV determination takes effect October 18, 2011, ITA will only require CV cash deposits of estimated CV duties if it issues a CV duty order.
The International Trade Administration has issued its final affirmative antidumping duty determination on multilayered wood flooring from China (A-570-970), which reduces the AD rates for all firms but two and revises the rate for the China-wide entity. The ITA has also dropped 14 tariff numbers from the scope of the investigation. This final determination, which is effective October 18, 2011, is expected to be implemented by U.S. Customs and Border Protection soon.
A federal judge approved seizing $12 million in collateral from Sixth Avenue Electronics, possibly spelling the end for the chain that closed stores at a rapid clip this year. U.S. District Judge William Martini, Newark, N.J., issued a preliminary injunction barring Sixth Avenue from “selling, transferring or removing” inventory and store fixtures from its three remaining locations and Springfield, N.J., distribution. Martini also signed an order proposed by lender GE Commercial Distribution Finance that cleared the way for county sheriffs to seize collateral to satisfy the $5.8 million owed on a financing agreement.
The International Trade Administration has issued the final results of its administrative review of the antidumping duty order on circular welded carbon steel pipes and tubes from Taiwan (A-583-008), which sets an AD duty cash deposit rate of 11.47% for Yieh Phui Enterprise Co., Ltd. This rate, which is effective October 14, 2011, is expected to be implemented by U.S. Customs and Border Protection soon.
The International Trade Administration has issued a fact sheet announcing its affirmative preliminary determination in the countervailing duty investigation of high pressure steel cylinders from China (C-570-978). As a result of this preliminary determination, the ITA will instruct U.S. Customs and Border Protection to collect a cash deposit or bond based on the preliminary CV margin of 22.34% for mandatory respondent Beijing Tianhai Industry Co., Ltd. and all other Chinese producers/exporters. The ITA's final CV determination is due in February 2012 and the final International Trade Commission injury determination is due in April 2012.
The International Trade Administration has issued a fact sheet announcing its affirmative final determinations in the antidumping and countervailing duty investigations of multilayered wood flooring from China (A-570-970, C-570-971), and its finding of targeted dumping for two respondents.