June 26, 2017 / 1:15 PM / a month ago

BRIEF-Sinovac Biotech enters into agreement for going-private transaction

2 Min Read

June 26 (Reuters) - Sinovac Biotech Ltd:

* Sinovac Biotech Ltd enters into definitive agreement for going-private transaction

* Sinovac Biotech Ltd - deal for approximately US$401.8 million

* Sinovac Biotech Ltd - pursuant to amalgamation agreement, parent will acquire company for cash consideration equal to us$7.00 per common share of company

* Sinovac Biotech Ltd says ‍consideration to be paid to holders of shares also represents increase of about 13.3% from original $6.18/share offer price​

* Sinovac Biotech Ltd -buyer consortium intends to fund amalgamation through combination of cash contributions from C-Bridge Capital, Advantech Capital, Vivo Capital

* Sinovac Biotech Ltd - entered into a definitive amalgamation agreement with Sinovac (Cayman) Limited (parent) and Sinovac Amalgamation Sub Limited

* Sinovac Biotech Ltd - board, acting upon unanimous recommendation of special committee formed by board, unanimously approved amalgamation agreement

* Sinovac Biotech Ltd - as of June 23, members of buyer consortium beneficially own in aggregate approximately 29.5% of issued and outstanding shares Source text for Eikon: Further company coverage:

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