"The first Chinese stocks" Tongjitang brewing delisting – Tongjitang –
3 years ago, wearing a " Traditional Chinese medicine First Unit "halo landing NYSE Guizhou Tongjitang (TCM), now may be the first through the privatization of the Chinese companies delisting from the NYSE. And this is the second the management of this pharmaceutical companies time trying to move through privatization allowed to withdraw from the market.
With the first failure of the privatization agreement is different, this repurchase, the company's second-largest shareholder of Shanghai Fuxing shares Medicine (600,196, stock it) (Group) Co., Ltd. (hereinafter referred to as "Fosun") jointly participate in the company's chairman Wang Xiaochun acquisition.
4 12, Tongjitang said it has formed a special committee to consider the acquisition proposal in this pile, Special Committee constituted by the three independent Directors. Reporter contacted one of the directors of Chen village, he told reporters that the board evaluate the proposal, need to refer to the investment banks and other intermediaries, legal advice, to comment on their present inconvenience. In accordance with the process, the Board considered and adopted, the need to further consider the general meeting of shareholders.
And Fosun medicine is stressed to reporters, Tongjitang percentage of outstanding shares in the NYSE has been very low, trading was not active, the share price is relatively low. This is the company's decision to delisting from the NYSE important reason. "Fosun medicine as a major Tongjitang tradable shareholders to support the privatization decision."
Wang Xiaochun phone is has been no response.
Brewing delisting 4 8, Tongjitang announcement said the subsidiary Fosun Fosun Pharmaceutical Industry (hk) Co., Ltd. (hereinafter referred to as "Fuxing Industrial") and HanmaxInvestmentLimited (hereinafter referred to as "HanmaxInvestment") 2 and acquired the common side Board of Directors to Tongjitang made the privatization agreements.
Under the proposal and related arrangements, Fuxing Industrial and HanmaxInvestment the proposed new joint venture a new company, which accounts for the new company HanmaxInvestment 67.9% of the shares; Fosun Industrial accounts for 32.1% stake in the new company. HanmaxInvestment expected to be invested 21,236,000 U.S. dollars in cash for the purchase of the remaining shareholders than mergers and acquisitions somewhere out there all the 17,987,550 ordinary shares (including ADSs on behalf of common stock); and Fuxing Industrial and HanmaxInvestment will be zero on the price to cancel the current Tongjitang has all of the shares.
The acquisition is completed, Fuxing Industrial and HanmaxInvestment to the new company has all the options in the same proportion to Tongjitang equity, and completion of the new merged company and Tongjitang, which Tongjitang drugs industry there is to be the surviving corporation, in addition to industry and HanmaxInvestment Fosun investors other than shares held by Tongjitang will be converted into the right to accept cash on the price and was written off, then Tongjitang NYSE delisting will be .
HanmaxInvestment behind is Mr Wang. The wholly-owned by his company, major asset is its shares held by Tongjitang. As of April 7, 2010 NYSE closing, HanmaxInvestment holding a total of 52,675,584 shares of common stock Tongjitang, representing Tongjitang issued and outstanding common shares of 50.6%.
From the October 2008 start for the first time in the secondary market to buy Tongjitang stock Fosun have passed an intensive dozen holdings, were acquired Tongjitang 33,403,392 shares of common stock, account Tongjitang issued and outstanding common shares of 32.10%.
"Can be seen from this ratio, the proportion of outstanding shares of Tongji Church has been very low, trading is very active, no need to trade on the NYSE." One of the industry have pointed out.
Fosun said that as Tongjitang shareholders, the company aims at the implementation of this privatization program to reduce Tongjitang's operating costs, enhance profitability Tongjitang to facilitate Tongjitang follow the development of Chinese medicine to achieve the maximization of shareholder interests.
We are high quality suppliers, our products such as Tile texture , Coarse-brick texture for oversee buyer. To know more, please visits china decorative wall panel.
Processing your request, Please wait....
