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China Biologic gets $3.9 bln offer from former CEO-led consortium

* A Citic Capital unit offered $110 apiece for the company in June

* China Bologic board has until Aug. 27 to respond to new offer

* Consortium plans to fund deal with debt and equity (Adds background on consortium, company)

Aug 20 (Reuters) - China Biologic Products Holdings Inc on Monday received a $3.9 billion all-cash offer from a consortium of investment firms, valuing the Beijing-based company at slightly above an earlier buyout proposal from a CITIC Capital unit.

The consortium - led by China Biologic's former CEO David Gao and which includes GL Capital Group, Bank of China Group Investment Limited and CDH Investments - has offered to pay $118 per share, 28.3 percent above China Biologic's Friday close.

The offer is also $8 more than a proposal from CITIC's unit.

The investment firm CITIC's wholly owned unit, CCRE Holdings Ltd, made a cash offer in June to buy China Biologic shares for $110 apiece, valuing it at $3.65 billion.

China Biologic's U.S.-listed shares closed at $100 on Monday, up 9 percent from Friday's closing price.

Gao owns a 1.3 percent stake in the company that makes and sells plasma products such as human immunoglobulin to prevent diseases such as measles and hepatitis. He was its chairman and chief executive until July 2018.

CITIC has a 5 percent stake in China Biologic.

Their offers have put China Biologic at the center of a bidding war involving two state-backed buyers.

CITIC is a member company under state-owned conglomerate Citic Group, while the consortium has backing from state lender Bank of China's investment arm.

GL Capital, another consortium member, is a firm focusing on healthcare-sector investment in Greater China and was founded by Jeffrey Li, the son of former Politburo standing committee member Li Ruihuan, according to a person close to the firm.

China Biologic's board, chaired by former Warburg Pincus Asia Pacific head David Li after Gao's departure, has not responded to either offer.

The Gao-led consortium has asked the board to respond by Aug. 27. CCRE has not made any statement since its June offer.

The consortium plans to fund the deal with debt and equity capital with Goldman Sachs as its financial adviser.

Skadden, Arps, Slate, Meagher & Flom LLP is the consortium's legal adviser in the United States and Conyers, Dill & Pearman is its Cayman Islands legal adviser.

Founded in 2002, China Biologic engages in the collection, research and development, manufacturing, and commercialization of human plasma-based biopharmaceutical products. (Reporting by Aakash Jagadeesh Babu in Bengaluru and Kane Wu in Hong Kong; Editing by Arun Koyyur and Himani Sarkar)