China Shengda Packaging Announces Receipt of Chairman’s Non-Binding “Going Private” Proposal of $1.40 per Share
China Shengda Packaging Group Inc. (NASDAQ: CPGI) (“China Shengda Packaging” or the “Company”), a leading Chinese paper packaging manufacturer, today announced that that its Board of Directors has received a preliminary, non-binding proposal (the “Proposal”) from its Chairman, Mr. Nengbin Fang (“Mr. Fang”), in which Mr. Fang has offered to acquire all of the outstanding shares of the Company’s common stock he and his family currently do not own in a going-private transaction at a proposed price of $1.40 per share to be paid in cash.