Chemspec would use debt and equity to fund going-private proposal

By Sara Rosenberg

New York, Nov. 12 - Chemspec International Ltd. has received a buyout proposal that would be funded with new debt and equity, according to a news release.

Under the bid, the company's chairman and chief executive officer, Jianhua Yang, is looking to buy all the shares that he does not own for $8.00 per American Depositary Share, or $0.1333 per ordinary share, in cash. Yang currently owns 55.5% of Chemspec's ordinary shares.

Yang is in discussions with an investment fund, which has expressed interest in providing equity financing.

Chemspec is a China-based contract manufacturer of highly engineered specialty chemicals.

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