OSN - Ossen Innovation trades high on deal to go private via merger

Ossen Innovation (OSN) agrees to be acquired by New Ossen Group (the Parent), and New Ossen Innovation (Merger Sub), a wholly-owned subsidiary of Parent, under which the Parent will acquire the Company for $1.70/share in cash or $5.10/ADS in cash (each ADS representing three shares).Under the transaction, Merger Sub would combine with OSN and the combined surviving corporation of the Merger, OSN will become a direct wholly-owned subsidiary of New Ossen Group.Pujiang International Group (the Sponsor) entered into an equity commitment letter with the Parent, Pujiang to invest in the Parent an aggregate cash of $12.5M. The Sponsor has entered into a limited guarantee in favor of the Company in respect of certain payment obligations of Parent under the merger agreement.Each ordinary share to be  canceled for the right to receive $1.70 in cash, and each ADS received the right to receive $5.1 in cash.Upon completion of the merger, the Company will cease to be

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Ossen Innovation trades high on deal to go private via merger