Gushan shareholders approve deal to go private

NEW YORK -- Shareholders of Chinese biodiesel and copper products company Gushan Environmental Energy Ltd. have agreed to take the company private by selling its outstanding shares to Trillion Energy Holdings Ltd., Gushan said in a statement Monday.

Trillion, a British Virgin Islands company, is owned by Jianqiu Yu, Gushan's chairman and principal executive. He already owns about 35 percent of the Gushan shares and plans to acquire the rest with his own funds.

Trillion offered $1.65 per American Depository Share of Gushan, the statement said. That was an increase over the prior offer of $1.62, reflecting an increased on Sept. 13. The final price is a 34 percent premium over the closing price on Feb. 23, the day before the original offer was announced.

Gushan shares slipped a penny to $1.58 in Monday morning trading. They have changed hands between 81 cents and $2.70 in the past 52 weeks.

The companies plan to close the deal as soon as possible. Once the closing takes place, the shares would no longer be listed on the New York Stock Exchange.

Gushan's statement said about 90 percent of shareholders who voted cast ballots in favor of the proposal at a general meeting held on Monday. About 90 percent of the votes cast also authorized the directors to do everything necessary to make the agreement effective.