Simcere announces receipt of 'going private' proposal

theflyonthewall.com

Simcere Pharmaceutical Group announced that its Board of Directors has received a non-binding proposal letter from Jinsheng Ren, New Good Management Limited, Assure Ahead Investments Limited and its affiliates, pursuant to which the Buyer Group proposes to acquire all of the outstanding ordinary shares of the Company not currently owned by the Buyer Group, for $9.56 per American Depositary Share or $4.78 per ordinary shares in cash. New Good Management Limited is a British Virgin Islands company controlled by Jinsheng Ren, Chairman of the Board of Directors of the company. According to the proposal letter, which is dated March 11, the Buyer Group will form a transaction vehicle for the purpose of pursuing the proposed transaction, which is intended to be financed with a combination of debt and equity capital. The company's Board of Directors has formed a special committee of independent directors consisting of Alan Au and Guoqiang Lin to consider the proposed transaction. The Special Committee intends to retain advisors, including an independent financial advisor and legal counsel, to assist it in its work.

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