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Management Buyout of Fushi Copperweld Investigated by Tripp Levy PLLC On Behalf of Fushi Shareholders

^{Published on 2010-11-04 07:35:32 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the proposed acquisition of Fushi Copperweld, Inc. (NASDAQ: FSIN). Fushi today announced that its Board of Directors has received a proposal letter from its Chairman and Chief Executive Officer, Mr. Li Fu ("Mr. Fu") and Abax Global Capital (Hong Kong) Limited on behalf of funds managed by it and its affiliates ("Abax") for Mr. Fu and Abax to acquire all of the outstanding shares of Common Stock of Fushi not currently owned by Mr. Fu and his affiliates in a going private transaction for $11.50 per share in cash, subject to certain conditions. Mr. Fu and his affiliates own approximately 29.2% of Fushi's Common Stock.

The investigation concerns, among other things, whether the consideration to be paid to Fushi shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Fushi. Indeed, analysts have projected the true inherent value of Fushi is at least $16 per share. The investigation further concerns whether Mr. Fu and Abax, as controlling shareholders of the company, as well as the board of directors of Fushi may have breached their fiduciary duties by not acting in Fushi shareholders' best interests in connection with the sale process of Fushi.

If you own Fushi common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact

Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.

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