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UPDATE 1-Consortium raises offer for China's 3SBio
April 22, 2013 / 7:56 PM / 5 years ago

UPDATE 1-Consortium raises offer for China's 3SBio

April 22 (Reuters) - 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 late-afternoon trading.

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