Wireless Products Firm China GrenTech to Go Private
A Hong Kong-based Ropes & Gray team of attorneys is representing China GrenTech Corporation Limited (Nasdaq: GRRF), a leading China-based provider of radio and wireless coverage products and services, in a privatization initiated by the company’s founder and major shareholder. The Ropes & Gray team includes associate Peng Yu.
Pursuant to the Jan. 12 agreement, the privatization will be effected through a Cayman Islands merger, with each American depositary share of China GrenTech issued and outstanding immediately before the merger, other than shares held by the buyer group, being canceled in exchange for the right to receive $3.15 in cash. The merger, which is currently expected to close before the end of the second quarter of 2012, is subject to shareholder approval as well as certain other customary closing conditions.