Origin Agritech rejects Xindaxin's acquisition proposal

CHINA's leading agricultural biotechnology company, Origin Agritech Limited, has announced it has ceased discussions with Hunan Xindaxin Company Limited regarding the latter’s acquisition proposal.

According to Origin Agritech, a technology-focused supplier of crop seeds in China, its board of directors has determined that the unsolicited non-binding acquisition proposal of Xindaxin for US$2.50 in cash per ordinary share as set forth in its preliminary non-binding proposal letter dated May 12, 2014 and announced on May 13, 2014, does not reflect the best interests of Origin Agritech and its shareholders.  Origin Agritech’s board of directors will, however, continue its work of periodically reviewing the company’s long-term strategic plan toward maximizing shareholder value. Together with the company’s senior management, it will evaluate other strategic alternatives. 

Origin Agritech Limited  is under no obligation, however, to release information and updates about these activities, except as required under applicable law.

The company was founded in 1997 and is headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing.