China Chemical Corp. announces merger agreement

摘要

CHINA Chemical Corp. a manufacturer of organic chemicals, announced that it has entered into a definitive merger agreement under which it will be merged with a subsidiary of New Source Holding Co., Ltd. ("NSH"), an entity created by certain stockholders of CHCC (the "Contributing Stockholders"). All outstanding shares of CHCC common stock not owned by CHCC, the Contributing Stockholders or certain other stockholders whose shares are subject to litigation in China between Zibo Jiazhou Chemical Co., Ltd., a related party of the Company, against PAMCO Management, Ltd,. ("PAMCO") and its Chairman (the "PAMCO Litigation"), will be converted into the right to receive $1.50 in cash per share.