TPG completes take-private of China’s ShangPharma
TPG Capital has completed a management buyout of ShangPharma Corporation that values the Chinese pharmaceutical and biotech research outsourcing firm at $173 million. It is the sixth private equity-backed privatization of a US-listed Chinese company to cross the finishing line since 2010.
On March 20, shareholders approved the $9 per share cash offer - a 30.8% premium to the closing price on July 5, the last trading day before the bid was submitted - from Michael Hui, ShangPharma's chairman...
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