BioCentury
ARTICLE | Company News

Simcere receives proposal to go private

March 12, 2013 12:07 AM UTC

Simcere Pharmaceutical Group (NYSE:SCR) said its board received a non-binding proposal to go private from Chairman Jinsheng Ren and Assure Ahead Investments. The parties are proposing to acquire all of the Simcere shares they do not already own for $4.78 per share in cash, or $9.56 per ADS. The deal would value Simcere at about $505.4 million based on about 105.7 million shares outstanding on Monday. The price is a 20% premium to Simcere's close of $7.96 on March 8, before the proposal was disclosed. The company, which formed a special committee of independent directors to consider the proposal, was up $1.29 (16%) to $9.25 on Monday. ...