Glorious Property's Founder Lobs $589M Buyout Bid

Law360, New York (November 22, 2013, 2:37 PM EST) -- Chinese real estate company Glorious Property Holdings Ltd. said Thursday the company’s founder and former chairman has made a HK$4.57 billion ($589 million) offer to take the company private, after depressed stock prices harmed the company’s business.

Zhang Zhirong, through his wholly owned company Best Era International Ltd., offered to purchase the remaining 32 percent of outstanding shares not controlled by Zhang or his other companies, Glorious Property and Best Era said in a joint announcement. Under the terms of the offer, Zhang’s company will pay...
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