August 24, 2018 / 12:21 PM / 4 months ago

China Biologic rejects former CEO-led consortium's offer

Aug 24 (Reuters) - China Biologic Products Holdings Inc said on Friday it had rejected an offer from a consortium led by its former chief executive and the company said an affiliate of CITIC Capital unit had withdrawn a competing offer.

On Monday, the company received a $3.9 billion all-cash offer from a consortium of investment firms, valuing the Beijing-based company slightly higher than an earlier buyout proposal from a CITIC Capital unit.

China Biologic said the consortium’s offer was not in the “best interests of the company and its shareholders as it did not reflect the intrinsic value of the company”. (Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by Shailesh Kuber)

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