On May 21, 2013, the Board of Directors of Le Gaga Holdings (“Le Gaga” or the “Company”) received a non-binding proposal letter from Ms. Na Lai Chiu, the chairman of the Company’s board of directors, Mr. Shing Yung Ma, a director and the chief executive officer of the Company, and Sequoia Capital China (together with Ms. Na Lai Chiu and Mr. Shing Yung Ma, the “Consortium”) to acquire all of the outstanding shares of the Company not currently owned by the Consortium in a going-private transaction at a proposed offer price of $4.01 in cash per American Depositary Share of Company (each ADS representing 50 ordinary shares of the Company).
About Le Gaga
Le Gaga is a leading greenhouse vegetable producer in China. The Company sells and markets greenhouse vegetables such as peppers, tomatoes, cucumbers and eggplants, as well as green leafy vegetables to wholesalers, institutional customers and supermarkets in China and Hong Kong. The Company has successfully built a trusted brand among its customers. The Company currently operates farms in the Chinese provinces of Fujian, Guangdong and Hebei. Leveraging its large-scale greenhouses, proprietary horticultural know-how and comprehensive database, the Company specializes in producing and selling high-quality, off-season vegetables during the winter months.
Duff & Phelps is acting as an independent financial advisor to the Special Committee of the Board of Directors of Le Gaga Holdings Limited and will advise on the fairness of the proposed transaction.