Hanfeng Evergreen Inc. entered into a definitive agreement to sell Hanfeng Slow-Release Fertizilier (Heilongjiang) Co., Ltd for approximately CNY 250 million.
The transaction is subject to approval from Ontario Superior Court of Justice. Hanfeng will appoint Ernst & Young Inc. as receiver and manager over its assets who will be responsible for collecting the purchase price under the transaction. As of August 20, 2014, Ontario Superior Court of Justice approved the deal and the appointment of Ernst & Young Inc. as receiver. The transaction is expected to close by early October 2014. Deloitte LLP acted as fairness opinion provider to Hanfeng Evergreen. Brian Pukier, Michael Devereux, Cathy Qi, Peter Howard, Maria Konyukhova, and Yannick Katirai of Stikeman Elliott LLP acted as legal advisors for Hanfeng Evergreen.