3 PE Acquired The &Nbsp Of The Company, Aiming To Privatize Green Leaf Pharmaceuticals.

In March 2nd, CDH investment and CITIC investment fund management company (hereinafter referred to as "

"Although these three funds are only acquiring 55% stake in MBK, it is not their ultimate goal. The main purpose is to withdraw the green leaf pharmaceuticals from the Singapore capital market, and then restructure them to Hongkong or other capital markets to get the excess profits."

Green leaf pharmaceutical, a retired insider told reporters.

As early as 3 years ago, he introduced the relevant personnel of CITIC industry to green leaf pharmaceutical company.

And for the Bob foundation, the deal is also in line with its intentions.

"The company has invested in green leaf pharmaceuticals for 7 years, and has already reached the duration of the fund. At the same time, this is a high premium purchase. Why should MBK not?" the source said.

Statistics show that the green leaf Pharmaceutical Group closed 0.94 new yuan (0.76 US dollars) in March 2nd, and the value of the three PE funds for its acquisition is about 140 million dollars.

The real intention of mergers and acquisitions

According to the insider, if

In May 5, 2004, green leaf pharmaceutical was listed on the main board of the Singapore Stock Exchange under the name of Asian Pharmaceutical Company, offering 105 million shares at 0.28 per unit.

Liu Dianbo, founder and executive chairman of the company, holds 41.32% stake as the largest shareholder.

"According to the strength of the three funds, compared with the first delisting of green leaf pharmaceuticals and MBK, this time is obviously more reliable. For the delisting and listing, these three funds have more experience and strength than MBK, and now it seems that they feel younger for the first time."

The person commented.

However, for the details and plans of the second acquisition, and the purchase price, the three funds are not willing to make a statement. Guo Zide, the CITIC industry fund executive and the president of the new heaven capital, said to reporters by telephone: "it is not convenient to disclose more details according to the company's regulations."

According to the person familiar with the matter, its investment ideas are likely to be first delisted and then listed again on A shares or Hong Kong stocks.

"Of course, it is not possible to exclude the possibility of making Asian pharmaceuticals an investment platform company, and spin off listed companies with good performance or selling points in the future.

Because China's health industry has great market potential, there should be many business opportunities and investment opportunities. "

"It is also possible that Liu Dianbo will sell the A shares of the green leaf pharmaceutical company.

In 2008, its delisting scheme was shelved by some shareholders who thought the price was too low.

But Liu Dianbo did not give up his way back to A, and if green leaf pharmaceutical returns to A shares with three important acquisition campaigns and innovative drug companies, it will become one of the most popular medical shares.

A securities company analyst told reporters.

Key to successful delisting

After the first failure, will green leaf pharmaceutical get the recognition of other small and medium sized funds and shareholders, so that 13% of shareholders will take over the tender offer on the basis of 77% equity, and finally achieve the delisting?

Statistics show that in February 2008, green leaf pharmaceutical listed company in Singapore has announced that it announced.

However, the acquisition was aborted in May 25, 2008.

"Obviously, for the first time, the founder of the company and PE fund were privatized together, because at that time, green leaf pharmaceutical continued to buy, and the capital chain was quite tense. Therefore, the first delisting was too low for minority shareholders to buy, and was opposed by minority shareholders, and finally led to failure."

The person familiar with the matter said.

It is understood that Templeton Asset Management Co, a leading US institutional investor who led minority shareholders to oppose the M & a paction, has released words to indicate that Aboke's purchase price is too low. Only 50% of the other shareholders must be combined to raise the price of an Bokai.

After this request was rejected by amboi, Templeton Asset Management Co no longer adhered to the original merger and acquisition conditions and changed the initiative to offer a new takeover plan. As long as he asked him to raise the original purchase price from 0.725 Singapore dollars per share to 0.9 Singapore dollars, that is to say, an increase of 24% of the purchase price was agreed with the pfer of shares.

After that, Martin Currie announced that he would accept the offer of an Bokai and pfer all of his 5.68% stake in Asia Pharmaceutical.

By May 23rd, "about 77% of the shareholders accepted the acquisition plan", but according to the rules of the Singapore stock market, 90% of shareholders must accept the tender offer and the acquisition can be passed.

"For this period of mergers and acquisitions, the main thing is to look at the price. If the PE fund is reasonable, there will be no problem, but if the bid is too high, it will affect its earnings, and it will not reach an agreement in the end."

Hong Tao, general manager of the M & a department, told reporters that the price of the [14.43 depends on the premium of the two capital markets. "How much is the premium of the two capital markets?"

"With the first lesson, green leaf pharmaceuticals will also give a small profit margin to the middle and small shareholders in order to achieve their ideal price."

The above said that compared with Aboke, CITIC industry, CDH investment and new horizon capital offer more reasonable prices and are more easily recognized by small and medium-sized shareholders.

According to him, compared to February 2008, the price of the tender offer of 0.725 new yuan (about 0.22 dollars) per share and the total price of 252 million dollars. Now, the Asian pharmaceutical industry is no longer the same. In March 2, 2012, it closed at 0.94 new yuan (US $0.76). If we calculate the purchase price of 140 million dollars based on three PE's 55% shares, the price of green leaf pharmaceutical is privatized at the time of 356 million dollars, which is more than 40% dollars over the 252 million dollar.

"If the tender offer is made to small and medium shareholders at this price, the probability of success will be higher."

The source said.