Ossen Innovation Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company
Ossen Innovation Co., Ltd. - American Depositary Shares (OSN)
US:NASDAQ Investor Relations:
ir.osseninnovation.com
Company Research
Source: PR Newswire
SHANGHAI, Sept. 16, 2020 /PRNewswire/ -- Ossen Innovation Co., Ltd. (the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter (the "Proposal"), dated September 15, 2020, from Pujiang International Group Limited ("Pujiang"), a Cayman Islands company listed on the Hong Kong Stock Exchange and beneficially holds approximately 65.9% of the Company, to acquire all of the outstanding ordinary shares of the Company not owned by Pujiang or its affiliates, including ordinary shares represented by American Depositary Shares (the "ADSs", each one representing three ordinary shares), for $1.667 in cash per ordinary share, or $5.00 in cash per ADS. A copy of the proposal letter is attached hereto as Exhibit A.The Board intends to form a special committee consisting of independent directors to conside
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