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Ossen Innovation Gets Buyout Proposal From Majority Holder Pujiang

Dow Jones Newswires ·  2020/09/16 08:35

DJ Ossen Innovation Gets Buyout Proposal From Majority Holder Pujiang

By Colin Kellaher

Ossen Innovation Co. on Wednesday said it received a non-binding proposal from its majority owner to acquire the rest of the company for $5 per American depositary share in cash.

The Shanghai maker of coated steel materials said its board will form a special committee of independent directors to consider the proposal from Pujiang International Group Ltd., which currently owns a roughly 65.9% stake in Ossen.

The proposal represents a nearly 36% premium to Tuesday's closing price of $3.68 for Ossen ADSs.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 16, 2020 08:35 ET (12:35 GMT)

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