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CORRECTED - CORRECTED-UK investor sells stake in Singapore's AsiaPharm to MB

Sun Apr 13, 2008 10:44pm EDT

(Company official corrects expiry date of offer to April 14 from April 28)

SINGAPORE, April 14 (Reuters) - UK-based fund manager Martin Currie sold its 5.68 percent stake in Singapore-listed AsiaPharm ASPH.SI to private equity firm MBK Partner, which made a S$357 million ($263 million) bid for the Chinese drug firm.

MBK has received 76.94 percent of acceptances so far after it made an offer to buy AsiaPharm for S$0.725 a share in February. The offer, which became unconditional on March 25, runs until Monday.

The deal faced opposition from Templeton Asset Management, which owns about 4 percent stake in the Chinese drug firm, alleging the proposed deal undervalued AsiaPharm and was unfair to minority shareholders. (Reporting by Tan Wei Xin; Editing by Jan Dahinten)



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