China-based Tibet Pharmaceuticals Inc. (TBET) 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.
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