logo
Plus   Neg
Share
Email

CEO Hong Yu To Take Tibet Pharma Private

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.

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

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
UBS Group AG Chief Executive Officer Sergio Ermotti said blockchain technology is almost a must for business. In an interview with CNBC, the head of the Swiss banking giant said he believes the technology is definitely an opportunity in the long term. According to him, the technology will help companies free up resources, and blockchain in particular is a great way to increase those efficiencies. In the age of social media, it takes mere hours for a company to suffer the backlash of of allegations of racism. For some companies, these incidents have hurt their bottom line and sullied their reputations. For others, they were a blip caused by clumsy if not altogether coincidental missteps. In... BJ's Wholesale Club Holdings Inc., which is planning a return to the public market, has set terms for its planned initial public offering or IPO. In a filing with the U.S. Securities and Exchange Commission, the warehouse club operator said Monday that it plans to offer 37.5 million shares priced between $15 and $17 per share. At the top end of the range, the offering would raise $637.5 million.
Follow RTT