Cleary Seals $495M Simcere Sale To Founder, Partners

Law360, New York (August 28, 2013, 1:19 PM EDT) -- Simcere Pharmaceutical Group will go private in a sweetened $495 million sale to a consortium led by its founder, it said Wednesday, fueling a trend of companies delisting in favor of private equity-backed management buyouts that has taken hold in China.

Under the proposed terms, Jinsheng Ren and his investor-partners will pay $4.83 per share and $9.66 per American depositary share, which each represent two ordinary units. The consideration represents a 21.4 percent premium over Simcere's close on March 8, the day before the company unveiled...
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