Country Style Cooking to delist

Country Style Cooking Restaurant Chain, the fast-growing quick service restaurant chain in China, is to delist following a proposed management buyout.
The company indicated it was working on a privatisation plan in August, but the detail shave only just emerged.
After the transaction is complete the company will ultimately be owned by Hong Li, co-founder and chairwoman of the board,  Xingqiang Zhang, co-founder and CEO, Sky Success Venture Holdings  and SIG China Investments One. At present, these parties own about 68.9 per cent of the outstanding shares, making the two-thirds majority shareholder vote to approve the proposed takeover a formality.
The terms of the deal, including a premium of about 18 per cent on the share price at the date shareholders were first alerted to the proposal, was negotiated by a committee comprising independent directors of the company unaffiliated with the bidders.
Country Style Cooking is listed on the New York Stock Exchange.
The company’s QSR restaurants serve everyday Chinese food to customers predominantly in the  Chongqing municipality, home to Sichuan cuisine.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.