Simcere Pharmaceutical Group (SCR) announced Monday that its Board has received a non-binding proposal letter from Jinsheng Ren, New Good Management Limited, Assure Ahead Investments Limited and its affiliates or the Buyer Group, by which the Buyer Group proposes to acquire all of the outstanding ordinary shares of the Company not currently owned by the Buyer Group, for $9.56 per American Depositary Share or ADS or $4.78 per ordinary shares in cash. New Good Management Limited is a British Virgin Islands company controlled by Mr. Jinsheng Ren, Chairman of the Board of Directors of the Company.
According to the proposal letter, the Buyer Group will form a transaction vehicle for the purpose of pursuing the proposed transaction, which is intended to be financed with a combination of debt and equity capital.
The company stated that its board has formed a special committee of independent directors consisting of Alan Au and Guoqiang Lin to consider the proposed transaction. The Special Committee has appointed Alan Au as its chairman. The Special Committee intends to retain advisors, including an independent financial advisor and legal counsel, to assist it in its work.
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