Giant Star, Ally Bridge in consortium to take Luoxin private

An investor syndicate including Ally Bridge, GL Instrument Investment and Giant Star Global plans to take Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. (HKSE:8058) private in a deal valued at HK$2.3 billion ($301.5 million).

The syndicate is to purchase Luoxin shares at HK$17. The price is a 32% premium on Luoxin's close of HK$12.90 on March 6, before the board was notified of the offer. Giant Star and GL will jointly acquire 67% of Luoxin's shares, and Ally Bridge 33%. ...