China Biologic Products Holdings, Inc. (NASDAQ: CBPO, “China Biologic” or the “Company”), a leading fully integrated plasma-based biopharmaceutical company in China, today announced that its board of directors (the “Board”) has received a preliminary non-binding proposal letter, dated September 18, 2019, from Beachhead Holdings Limited, CITIC Capital China Partners IV, L.P., PW Medtech Group Limited, Parfield International Ltd., HH Sum-XXII Holdings Limited and V-Sciences Investments Pte. Ltd (collectively, the “Buyer Group”), proposing to acquire all of the outstanding ordinary shares of the Company not already owned by the Buyer Group for US$120 per share in cash in a “going private” transaction (the “Transaction”).
A copy of the proposal letter is attached as Annex A to this press release.
In connection with the submission of the proposal letter by the Buyer Group and the Transaction, the Board has determined that each member of the Buyer Group shall be an “exempt person” under the Company’s currently effective preferred shares rights agreement.
The Board cautions the Company’s shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from the Buyer Group and no decisions have been made with respect to the Company’s response to the Transaction. 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. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
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Date: September 23, 2019
Source: PR Newswire