Si Chen, Chairman, Chief Executive Officer and President of American Lorain cancelled the acquisition of remaining 53.49% stake in American Lorain Corporation.
The transaction is subject to approval by American Lorain's stockholders. American Lorain's Board of Directors has formed an independent committee, composed of Dekai Yin, Tad M. Ballantyne and Maoquan Wei, to consider the proposal. Sidley Austin LLP acted as legal advisor to the independent committee of Board of Directors of American Lorain. HFG China acted as financial advisor and Squire Sanders (US) LLP acted as legal advisor to Si Chen. Harwood Feffer LLP will investigate potential claims against the Board and Levi & Korsinsky will investigate the Board of Directors of American Lorain for possible breaches of fiduciary duty and other violations of state law in connection with the transaction. Cowen and Company (Asia) Limited acted as financial advisor for the independent committee of American Lorian.
Si Chen, Chairman, Chief Executive Officer and President of American Lorain cancelled the acquisition of remaining 53.49% stake in American Lorain Corporation (AMEX:ALN) on October 9, 2013.