Simcere accepts Hony-backed take-private bid worth $490m
Chinese drug developer Simcere Pharmaceutical Group has agreed to a management buyout offer from a consortium led by its chairman and Hony Capital that values the company at approximately $490 million. Simcere is now expected to de-list from the New York Stock Exchange, pending a shareholder vote.
According to a regulatory filing, Jinsheng Ren, Hony and the other buyers will pay $9.66 per American Depository Share (ADS), which represents a 21.4% premium to Simcere's last closing price prior to the...
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