Bid of nearly $4 billion tabled for China Biologic
Shares in China Biologic (Nasdaq: CBPO) closed 9% up on Monday amid news that a group led by former chief executive David Gao had made a $3.9 billion bid to take over the Beijing-headquartered company.
The offer from the consortium led by Mr Gao, who was chief executive from 2015 until last month, exceeds the $3.65 billion bid made in June by a subsidiary of the state-owned investment company CITIC Capital and represents a premium of approximately 30% to the company’s closing price on August 16.
China Biologic produces and sells plasma products such as human immunoglobin to prevent diseases such as measles and hepatitis. Founded in 2002 and listed on the Nasdaq in 2009, the company has grown into a leading domestic plasma product supplier in its home country.
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