Fushi Copperweld (FSIN) Gets Higher $9.50/Share Bid from co-CEO Fu, Abax

Fushi Copperweld, Inc. (Nasdaq: FSIN) has received a revised proposal from its Chairman and Co-Chief Executive Officer, Mr. Li Fu, Abax Global Capital on behalf of funds managed, advised and/or appointed by it and its affiliated management companies, and TPG Growth Asia, Inc. (an affiliate of TPG Capital, L.P.), for the acquisition of all of the outstanding shares of Common Stock of Fushi not currently owned by Mr. Fu and his affiliates or Abax in a going private transaction for $9.50 per share in cash, subject to certain conditions.

The Special Committee noted that while the revised proposal is higher than the $9.25 per share proposal previously submitted by Mr. Fu and Abax, it is lower than the $11.50 per share proposal initially submitted by Mr. Fu and Abax, does not contain customary financing commitments and is still highly conditional.

BofA Merrill Lynch is serving as the financial advisor to the Special Committee of Fushi's Board of Directors and Gibson, Dunn & Crutcher LLP is serving as legal counsel.

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