December 28, 2012
NEW YORK - A team of Loeb & Loeb LLP attorneys represented Beijing-based Fushi Copperweld, Inc., in a $366 million management buyout by its Chairman and Co-Chief Executive Officer and affiliated entities. Under the terms of the deal, which closed on December 27, 2012, all Fushi shareholders who were not members of the buyout group received $9.50 in cash for each share of Fushi common stock. As a result of the buyout, Fushi is now a privately-held company.
The Loeb & Loeb deal team representing Fushi in this transaction was led by Mitchell S. Nussbaum, partner and chair of the firm’s Capital Markets and Asia Practices, and partners David C. Fisher and Tahra T. Wright.
Earlier this month, Loeb & Loeb’s securities litigators successfully opposed a request for preliminary injunction on behalf of Fushi in a shareholder class action litigation challenging the going-private transaction. The Nevada District Court for Clark County, Department XII, ruled in favor of Fushi on every ground, denying Plaintiff’s claims that the company and its board of directors breached fiduciary duty by approving the proposed merger agreement. The court’s decision enabled Fushi’s shareholders to vote on and approve the merger.