Harbin Electric Inc's chief executive plans to bid on Monday to take the company private and he has lined up the necessary funding, the company said in a regulatory filing on Friday. Harbin CEO Tianfu Yang along with Baring Private Equity Asia Group, had offered to take Harbin private for $24 a share in cash on Oct. 10 last year. Concerns about the financing of the deal were raised after the CEO said in a letter to the company in November that Baring's financing "would be limited to a right, but not an obligation," to provide up to 10 percent of the financing. The CEO told a representative of William Blair & Co, which held 1.01 percent in Harbin as of December 31, that talks for debt and financing related to the proposal to acquire the company "are advanced" and finances "lined up".
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