BRIEF—China Biologic receives unsolicited takeover offer

Shares in China Biologic Products closed up 21.15% at $99.39 following the announcement on Monday that it has received an unsolicited, preliminary non-binding proposal letter from CCRE Holdings Limited, a wholly-owned subsidiary of CITIC Capital Holdings Limited (together with its affiliates, CITIC), pursuant to which CITIC proposes to acquire all of the outstanding shares of the company not already owned by CITIC for $110 in cash per share.

The price tag values the company at $3.65 billion, which would be close to the all-time high achieved briefly in early 2016, noted The Motley Fool.

As of June 8, CCRE owned a 5.1% stake in US-listed China Biologic.

The CCRE proposal represents a premium of 30.4% to the company's closing price on June 8, 2018 and a premium of 30.6% to the volume-weighted average price during the past 30 trading days.

The China Biologic board cautions the company's shareholders and others considering trading in the company's securities that the board is reviewing and evaluating CITIC's proposal and no decisions have been made with respect to the company's response to the proposal.

There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

The company does not undertake any obligation Saveto provide any updates with respect to this or any other transaction, except as required under applicable law.