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China: Going private proposal withdrawn at Concord

Concord Medical Services Holdings, the operator of the largest network of radiotherapy and diagnostic imaging centres in China, has withdrawn the non-binding going private proposal from July last year with immediate effect.

Chairman and CEO Jianyu Yang together with Morgancreek Investment Holdings, an investment vehicle controlled by Yang, and Blue Ocean Management had made a cash offer to acquire all outstanding Class A ordinary shares ADSs at US$1.73 per Class A ordinary share or US$5.19 per ADS.

The buyers said that after careful consideration, they had determined not to proceed with the proposal “under the current circumstances”. They did not say whether they intended to make any similar proposal at in the future.

Concord Medical shares have remained depressed all year. They are showing an annual loss of 14% and as the announcement was made, traded at US$3.80.

Posted on: 15/11/2017 UTC+08:00


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