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February 17, 2014
10:27 EDTCHDXChindex to be acquired by TPG and Fosun Pharma for $19.50 per share
Chindex International announced that it has entered into a definitive merger agreement with a buyer consortium of an affiliate of TPG, an affiliate of Shanghai Fosun Pharmaceutical, and Ms. Roberta Lipson, the CEO of the company, in a transaction having an implied equity value of approximately $369M. Under the terms of the merger agreement, which has been approved by the company's board upon the recommendation of the board's transaction committee of independent and disinterested directors, the buyer consortium will acquire all of the outstanding shares of Chindex's common stock for $19.50 per share in cash. This price represents an implied premium of approximately 14% over the current market price. The transaction will result in Chindex becoming a private company. Under the terms of the agreement, there is a so-called "go-shop" period, during which the company and its advisors are permitted to actively solicit and consider alternative proposals from third parties through April 3, plus a potential 15-day extension, and the company management and Fosun are permitted to enter discussions with parties that make alternative proposals during that period.
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