China Security & Surveillance Technology Inc (CSR.N) agreed to a buyout offer from its chief executive on Wednesday, valuing the Chinese security company at $583.2 million. Chief Executive Guoshen Tu, who already owned 20.9 percent of the company, offered to take it private last month with a $6.50 per share bid, which was accepted. The CEO has secured a debt facility from China Development Bank Corp to finance the deal. The board approved the deal, which is expected to close before the end of the third quarter.
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