Investor Takes Aim At Pork Co.'s $500M Go-Private Deal

Law360, Wilmington (December 5, 2012, 10:50 PM EST) -- A shareholder of Chinese pork processor Zhongpin Inc. launched a putative class action Tuesday claiming the $503 million take-private offer spearheaded by the company's CEO serves to squeeze out public shareholders for the benefit of a select few.

Filed in Delaware Chancery Court by Ernesto Rodriguez, the complaint contends CEO Xianfu Zhu's “grossly inadequate” $13.50-per-share offer represents part of an unlawful scheme by Zhongpin's chief executive and largest shareholder to acquire the company on the cheap.

The deal would prevent the proposed class from sharing in...
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