(Reuters) - Biodiesel producer Gushan Environmental Energy Ltd said it received a takeover offer from its chairman, valuing the company at about $30.7 million.
Gushan said Chairman Jianqiu Yu, who holds about 34 percent of the company, will form a transaction vehicle for the proposed deal and will finance it with own funds and debt financing.
The company's board has formed a committee of independent directors to consider the cash offer of $1.599 per American Depositary Share, a premium of 26 percent to the stock's Thursday close.