PEKING (dpa-AFX) - Gushan Environmental Energy Ltd. (GU) announced that it has entered into an agreement and plan of merger with Trillion Energy Holdings Ltd., Trillion Energy Investments Holdings Ltd. and Jianqiu Yu, the company's Chairman and Principal Executive Officer. Trillion Energy Holdings is wholly-owned by Jianqiu Yu.
Pursuant to the Merger Agreement, Trillion Energy Investments Holdings will be merged with and into Gushan with Gushan surviving the Merger and Gushan will become a wholly-owned subsidiary of Trillion Energy Holdings.
Each ordinary share of Gushan issued and outstanding immediately prior to the effective time of the Merger will be cancelled in exchange for the right to receive $0.162 in cash without interest, except for the ordinary shares beneficially owned by Jianqiu Yu, which will be cancelled without receiving any consideration, and owned by holders of such ordinary shares who have validly exercised and not effectively withdrawn or lost their appraisal rights pursuant to Section 238 of the Cayman Islands Companies Law, as amended.
The merger is currently expected to close before the end of the third quarter of 2012. If completed, the merger will result in the Company becoming a privately-held company and its ADSs would no longer be listed on the New York Stock Exchange.
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