China Biologic Products, a Beijing blood products company, rejected a $3.9 billion management-led privatization offer, and will instead accept a $590 million private equity investment, led by a investment firm associated with management. The management-led privatization was a response to CITIC’s offer to buy CBP for $3.6 billion. Following the higher bid from management, CITIC withdrew its offer and CBP’s board rejected the management privatization. CBP dropped $15.62 (15.5%) to $85.28 on news the takeover won’t happen.
Source: China Biotoday
