<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=China+XD" target="_blank">China XD Plastics Company Ltd</a> &#8211;  a specialty chemical player that makes modified plastics for automotive applications &#8211; is delisting the company from the NASDAQ.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=China+XD" target="_blank">China XD Plastics Company Ltd</a> &#8211;  a specialty chemical player that makes modified plastics for automotive applications &#8211; is delisting the company from the NASDAQ.
The company disclosed over the weekend that its board of directors received a preliminary non-binding &#8220;going private&#8221; proposal letter, dated February 16, 2017, from China XD chief executive officer Jie Han, who is also the firm&#8217;s chairman.
China XD seeks to offer $5.21 per share of common stock in cash.
A buyer consortium is intended to acquire all of the outstanding shares of common stock of the China XD. The members include Engineering Plastics Company Ltd (XD Engineering), a company incorporated in the British Virgin Islands and wholly owned by Han, and MSPEA Modified Plastics Holding Limited, an affiliate of Morgan Stanley Private Equity Asia III Inc.
The proposed share price represents a premium of approximately 28.6 per cent to the company&#8217;s closing price on February 15, 2017, and a premium of approximately 29.3 per cent to the average closing price during the last 30 trading days.
The proposal letter states that the buyer consortium expects that the board will appoint a special committee of independent directors to consider the proposal and make a recommendation to the board.
It also stated the buyer consortium will not move forward with the proposed Transaction unless it is approved by such a special committee, and the proposed transaction will be subject to a non-waivable condition requiring approval by majority shareholder vote of shareholders other than the buyer consortium members.
&#8220;The buyer consortium currently beneficially owns approximately 74 per cent of the issued and outstanding shares of common stock of the company on a fully diluted and as-converted basis,&#8221; China XD said in its statement.
China XD&#8217;s predecessor was founded in 1985. It claims as the first NASDAQ listed plastic composite materials enterprise in the greater China area, with headquarters in New York managing more than 10 independent subsidiaries located in Dubai, Hong Kong, Heilongjiang, and Sichuan through XD Holding Company Ltd.
The company last traded at $4.25 per share on Monday (February 20).
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China XD Plastics to delist from NASDAQ; firm's chairman, Morgan Stanley PE back take-private offer

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China XD Plastics to delist from NASDAQ; firm's chairman, Morgan Stanley PE back take-private offer

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