China Hydroelectric Forms Panel To Eye NewQuest Buyout Bid

Law360, New York (September 25, 2013, 4:24 PM EDT) -- China Hydroelectric Corp. said Wednesday it has formed a special committee to review a conflict-heavy offer from NewQuest Capital Partners, its controlling shareholder, that values the company at about $160 million.

NewQuest made a preliminary offer earlier this month of $2.97 per American Depositary share and 99 cents for the remaining ordinary shares, which are held in China. The Hong Kong-based private equity firm already owns 49.8 percent of China Hydroelectric, and holds options and warrants that would push it into majority territory, according to securities filings....
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