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ARTICLE | Company News

China Shenghuo Pharmaceutical Holdings Inc., Lan's Int'l Medicine Investment Co. Ltd. deal

February 25, 2013 8:00 AM UTC

China Shenghuo said its board received from Lan's a proposal to go private. Lan's, which currently owns about 77.3% of China Shenghuo's outstanding shares, said it would purchase all shares from public stockholders for $0.15 per share. The remaining 22.7% of shares are valued at about $625,430.40 based on China Shenghuo's closing price of $0.14 on Feb. 14, the day before the proposal was announced. China Shenghuo said it formed a special committee of three independent directors to evaluate the proposal. The company also retained National Securities Corporation as financial advisor and Dorsey & Whitney as legal counsel. China Shenghuo declined to disclose details, while Lan's could not be reached...