Proposal to take Tongjitang private

Hanmax Investment Ltd. (British Virgin Islands), a company controlled by Tongjitang Chinese Medicines Co. (NYSE:TCM) Chairman and CEO Xiaochun Wang, and Fosun Industrial Co. Ltd. (Hong Kong, China) proposed to acquire all outstanding shares of Tongjitang for $1.125 per share or $4.50 per ADS. The proposal values the musculoskeletal, neurology and dermatology company at $125 million based on 111.1 million shares outstanding at Dec. 31, 2009. The price is a 19% premium to Tongjitang's close of $3.78 on Wednesday, the day before the deal was proposed. Each ADS is equal to 4 shares. ...