Shandong Weigao Inks $312M Deal To Sell Biosensors Stake

Law360, New York (November 22, 2013, 4:39 PM EST) -- Chinese medical products company Shandong Weigao Group Medical Polymer Co. Ltd. said Thursday it is selling its entire 21.7 percent stake in medical device maker Biosensors International Group Ltd. for $312.3 million, citing a need to consolidate business.

Weigao Group, through its subsidiary Wellford Capital Ltd., has entered into a purchase and sale agreement to sell its interest in Biosensors to CB Medical Holdings Ltd. for S$1.05 (84 cents) per share, an 11.7 percent premium on the last closing price, the company said in a statement....
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