The deal has taken more than two years to close following an initial $11.50 per share bid made in November 2010, which was revised down to $9.25 per share 12 months later.
Fushi’s board eventually approved a $9.50 per share offer this summer, representing a 21 per cent premium on the stock’s closing price before the offer was made.
Abax already owned about 29 per cent of the company alongside its chairman and co-CEO Li Fu.
The firm and Fu will finance the deal with a mix of debt and equity. Debt financing will be provided by China Development Bank
Fushi Copperweld makes copper-clad bimetallic engineered conductor products for electrical, telecommunications, transportation, utilities and industrial applications.
Revenues for the third quarter increased 35.9 per cent from the previous year to $66.5m.
The consortium, which is led by Yongye chairman and CEO Zishen Wu, offered $6.60 per share of the company’s common stock to be financed through a combination of debt and equity.
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