3SBio, a biotechnology company from China that focuses on research, development, manufacture and marketing of biopharmaceutical products, has announced the receipt of a proposal letter from CPEChina Fund LP. CPEChina is a limited partnership with CITIC Private Equity Funds Management.
Under the proposed agreement, the biotechnology firm would be privatized by the group that has offered US$16.70 per American Depositary share. The previous offer was at US$15.40 per American Depositary Share made by Decade Sunshine.
One American Depositary Share is equal to seven 3SBio ordinary shares.
The offer from 3SBio Chief Executive Jing Lou together with CITIC has a 9.9% premium from the closing ADS price last Friday and an 8.4% premium from Decade Sunshine's offer. The said offer would be funded through a debt financing source and approval is expected to be given upon the convening of a special shareholder's meeting.
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