New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 6, 2012
07:42 EDTSHPShangPharma receive "going private" proposal at $8.50-$9.50 per ADS
ShangPharma Corporation announced that its Board of Directors has received a non-binding proposal letter dated July 6 from its Chairman and CEO Michael Xin Hui, and entities affiliated with him and TPG Star Charisma Limited and its affiliates to acquire all of the outstanding shares of ShangPharma not currently owned by Founder or TPG in a going private transaction for between $8.50 and $9.50 per American Depositary Share in cash, subject to certain conditions. Founder and TPG currently own approximately 54% and 11% of ShangPharma's ordinary shares, respectively. According to the proposal letter, the acquisition is intended to be financed through a combination of debt and equity capital, with definitive commitments for the required debt and equity funding expected to be in place, subject to the terms and conditions set forth therein, when the definitive agreements with respect to the acquisition and related transactions are signed. ShangPharma's Board of Directors has formed a special committee of independent directors consisting of three independent directors, Mr. Julian Ralph Worley, Mr. Yuk Lam Lo and Mr. Benson Tsang, to consider this proposal. The Independent Committee will retain a financial advisor and legal counsel to assist it in its work. The Board of Directors cautions the Company's shareholders and others considering trading in its securities that the Board just received the non-binding proposal from Founder and TPG and no decisions have been made by the Independent Committee with respect to ShangPharma's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.
News For SHP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for SHP

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use