Gushan amends the merger proposal with Trillion Energy
Chinese biodiesel producer and copper products manufacturer Gushan Environment Energy has amended its previous signed merger agreement with Trillion Energy Holdings.
The amended agreement was signed by the company's chairman and the principal executive officer, Jianqiu Yu and Trillion Energy Holdings and its subsidiary Trillion Energy Investments Holdings.
Jianqiu Yu, who owns about 34.8% stake in Trillion Energy Holdings, will finance the merger with his own funds as per the amendment.
As per the amendment, the consideration payable to shareholders went up from $0.162 to $0.165 per ordinary share, marking 34.15% premium over closing price and 28.11% over the 30-day trading day volume weighted average price as on 23 February 2012.
Gushan expects the proposed merger, which requires shareholder vote and meeting of customary closing conditions, to complete in the fourth quarter of 2012.