April 22 3SBio Inc said a consortium
comprising its Chief Executive Jing Lou and CITIC Private Equity
has raised its offer for the Chinese biotechnology company for
the second time to about $370 million.
The company, which agreed to go private in February, said
the group raised its offer to $16.70 per American Depositary
Share from $15.40.
The revised offer represents a premium of 10 percent to the
ADSs' closing price on Friday.
The consortium made its original offer of $15 per ADS in
September. Monday's offer represents an 11 percent increase to
the initial bid.
A growing number of Chinese companies are opting out of U.S.
stock markets as regulatory scrutiny increases.
One of 3SBio's top shareholders, OrbiMed Advisors, said last
week that proxy advisory firm Institutional Shareholder Services
recommended that 3SBio's shareholders vote against the deal.
3SBio also said it was postponing its extraordinary general
meeting, scheduled for April 25, to provide sufficient time for
shareholders to vote on the amended merger.
3SBio shares, which have gained 22 percent since the
original offer, were up 7 percent at $16.26 on the Nasdaq in