logo
Share SHARE
FONT-SIZE Plus   Neg

CEO Hong Yu To Take Tibet Pharma Private

China-based Tibet Pharmaceuticals Inc. (TBET: Quote) Monday said it plans to accept a proposal from its Chairman and Chief Executive Officer Hong Yu to take the company private. Yu has offered to buy remaining shares not owned by him for $3.00 a share in cash. Following the news, shares of Tibet are up 150 percent, but still below the offer price.

"In view of market bias towards Chinese companies listed in U.S. stock exchange and our past stock performance, I hereby make an offer to purchase TBET stocks not owned by me for $3.00 per share in cash," Yu said.

The company noted that the delisting details will be announced shortly.

Yu also denied recent reports published in a website about the company auctioning its operating entity assets. "In recent days, we noticed that a website mentioned about auctioning our operating entity's assets. These were untrue and incorrect announcements. Our company is in normal business operation.," said Yu.

Tibet Pharmaceuticals is an emerging pharmaceutical company engaged in the research and manufacturing of modernized traditional Tibetan medicines in China. The company said it expects to continue to grow in China's fragmented pharmaceutical and traditional Tibetan medicine industries.

TBET is currently at...............

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Casino operator Wynn Resorts said its shareholders ousted Elaine Wynn from the board, reflecting fears that her presence may lead to disharmony with the management. To commemorate the launch of Hubble telescope twenty-five year ago, NASA unveiled celestial fireworks as official image, marked by brilliant tapestry of young stars flaring to life. Abercrombie & Fitch said it would stop hiring store employees based on their body type or physical attractiveness, and that its events, including store openings, will no longer have the presence of shirtless models.
comments powered by Disqus
Follow RTT