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Chindex International gets higher buyout offer from unnamed bidder
April 14, 2014 / 1:32 PM / 4 years ago

Chindex International gets higher buyout offer from unnamed bidder

April 14 (Reuters) - China-focused hospital operator Chindex International Inc received a buyout offer of $23 per share, higher than the $19.50 offered by Shanghai Fosun Pharmaceutical Group and private equity firm TPG in February.

Chindex, which runs the United Family Healthcare hospitals in China, did not name the new bidder.

The latest offer represents a 23 percent premium to Chindex’s Friday close on the Nasdaq and values the company at $416 million, based on 18.1 million outstanding shares as of March 11.

Chindex’s shares were trading at $22.89 on Monday morning.

In February, Shanghai Fosun and TPG agreed to take Chindex private to gain access to China’s fast-growing private healthcare market.

Chindex said on Monday that the latest offer constitutes a “superior proposal,” as per the company’s earlier agreement with the buyout group led by Shanghai Fosun and TPG.

Morgan Stanley & Co is advising Chindex financially on the latest offer, while Hughes Hubbard & Reed LLP is its lead legal adviser. (Reporting by Sneha Banerjee in Bangalore; Editing by Kirti Pandey)

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