BioCentury
ARTICLE | Finance

Take private, take two

Another attempt to take Tongjitang Chinese Medicines private

April 12, 2010 7:00 AM UTC

Xiaochun Wang, chairman and CEO of Tongjitang Chinese Medicines Co. (NYSE:TCM), is taking a second shot at taking the company private - this time at less than half the share price previously offered to investors.

Hanmax Investment Ltd., controlled by Wang and Fosun Industrial Co. Ltd., is proposing to pay $1.125 per share or $4.50 per ADS. In 2008, Wang tried to take the company private at $2.55 per share, or $10.20 per ADS. He had to withdraw the proposal due to the deterioration of the credit markets (see BioCentury, June 30, 2008)...