Jinpan Establishes Independent Committee To Evaluate Going Private Proposal

(RTTNews) - Jinpan International Limited (JST), a designer, manufacturer, and distributor of cast resin transformers, announced that its Board has established a special committee or the "Independent Committee" to consider the preliminary, non-binding proposal letter dated September 21, 2014 from Zhiyuan Li, the Company's Chairman of the Board of Directors, President, and Chief Executive Officer and FNOF E&M Investment Limited, to acquire all of the outstanding common shares of the Company not currently owned by the Buyer Parties in a going private transaction.

The Board of Directors cautions the Company's shareholders and others considering trading in its securities that no decisions have been made by the Independent Committee with respect to the Company's response to the proposal.

There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

On 22 September, Jinpan International announced that its Board had received a preliminary, non-binding proposal letter dated September 21, 2014 from Li Zhiyuan, the company's Chairman of the Board of Directors, President, and Chief Executive Officer and FNOF E&M Investment Limited, to acquire all of the outstanding common shares of the company not currently owned by the Buyer Parties in a going private transaction for $8.80 per share.