China's Simcere to be taken private by Chairman for $495 mln

Wed Aug 28, 2013 6:28am EDT

Aug 28 (Reuters) - China's Simcere Pharmaceutical Group said it agreed to be bought by a consortium that includes its founder-chairman Jinsheng Ren in a deal worth $495.4 million.

The company said it will receive $9.66 per American depositary share (ADS), representing a premium of about 3 percent over Tuesday's close on the New York Stock Exchange.

The consortium already owns about 78 percent of Simcere's outstanding shares and had made an offer worth $9.56 per ADS to buy the company on March 11.

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