WSP Holdings Announces Termination Of Going Private Transaction - Quick Facts

(RTTNews) - WSP Holdings Limited (WH) announced that it has agreed jointly with Wuxi Heavy Industries Ltd., WHI Acquisitions, Ltd. and General Transactions Inc. to terminate the previously announced merger agreement in view that the going private transaction would not be completed by May 31, 2014, the termination date of the merger agreement.

The parties have released each other from all liabilities and obligations with respect to the proposed transaction, and no termination fees will be payable by either party.

In February 2013, WSP Holdings had agreed to be taken private by WSP OCTG GROUP Ltd. (Parent), a company owned by H.D.S. Investments LLC, and JM OCTG GROUP Ltd., a unit of Parent (Merger Sub), in a deal valued at about $893.6 million, including the assumption of debt. The Merger was expected to close in the second quarter of 2013.