In M&A news, Simcere Pharmaceutical Group has entered into a merger agreement for around $495 million.
Simcere Pharmaceutical Group, a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China, announced that it has entered into a definitive Agreement and Plan of Merger with Simcere Holding Limited and Simcere Acquisition Limited, pursuant to which Parent will acquire Simcere for US$4.83 per ordinary share of the Company or US$9.66 per American depositary share, each representing two Shares, as part of this M&A news.
According to the M&A news, this amount represents a premium of 21.4% over the Company's closing price of US$7.96 per ADS on March 8, 2013, the last trading day prior to March 11, 2013, and a premium of 23.1% to the volume-weighted average closing price of the Company's ADSs during the 30 trading days prior to March 11, 2013, the date on which the Company announced it had received a "going-private" proposal, pursuant to which Mr. Jinsheng Ren and his affiliate, New Good Management Limited, and Assure Ahead Investments Limited proposed to acquire all Shares and ADSs not beneficially owned by them for US$4.78 per Share or US$9.56 per ADS.
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