Origin Agritech receives the tender offer of Longping high-tech

Chinese Seed Technology Company Origin Agritech Limited recently received the tender offer from Hunan Xindaxin Co., LTD, a shareholder of Longping high-tech. Hunan Xindaxin intended to acquire Origin Agritech at $2.5 per share, with total offer approximately $58 million. The director board of Origin Agritech is still evaluating the offer and does not give final response yet. 

Hunan Xindaxin mentioned that their company has been seeking strategic cooperation with others in the seed industry, and Origin Agritech is highly complementary to their company in biotechnology and hybrid corn seeds.
 
Origin Agritech is a high-tech company in new breeds selection and production, as well as sales and technical service. Being the first Chinese agricultural biotechnology company listed on Nasdaq in US in 2005, the company has full production lines for maize, rice, cotton and rape, as well as agrochemicals. Moreover, Origin Agritech is the first company in the world capable of commercializing GM phytase corn.
   
The sale of Origin Agritech in fiscal 2013 (ended in September 30th 2013) reached to Yuan 482 million ($77 million at the current rate), with net profit Yuan 7.49 million ($1.2 million) attributable to the shareholders of the head office.