China Biologic spurns acquisition proposal, seeks $590M raise

Plasma products company China Biologic Products Holdings Inc. (NASDAQ:CBPO) said it turned down an acquisition proposal made last week, and said it is raising $590 million in a private placement.

The Aug. 17 proposal to take the company private for $118 per share in cash, valuing the company at $3.9 billion, was made by a consortium comprising former executive David Gao, GL Capital Group, Bank of China Group Investment Ltd. and CDH Investments. A spokesperson for the consortium declined to comment on whether the group would make another offer (see "Consortium Including Gao, GL Capital Bid to Take China Biologic Private")...