Wescast Industries Inc. (WCS-A.V) announced that Sichuan Bohong Industry Co., Ltd. has advised that it has entered into definitive loan documents with China Development Bank Corporation in connection with the previously-announced plan of arrangement pursuant to which Bohong, through its wholly-owned subsidiary, will acquire all of the issued and outstanding capital of Wescast.
The closing date of the arrangement is expected to occur by the end of the week, and the shares of Wescast are expected to be delisted from the Toronto Stock Exchange shortly after closing.
WCS shares gained 7% to $10.88.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
