China’s Liaoning Chengda Biotechnology Co., Ltd (SHA: 688739) announced a proposed change in the actual controller of its controlling shareholder Liaoning Chengda Co., Ltd. The actual controller will change from the State-owned Assets Supervision and Administration Commission of Liaoning Provincial Government to no actual controller.
Control Change and Its Implications
With this change, Shaoguan Gaoteng Enterprise Management Co., Ltd., the largest shareholder of Liaoning Chengda with 15.3% equity ownership, would indirectly control 54.67% stakes in Chengda Bio.
Tender Offer Details
The control change is accompanied by a tender offer. All Chengda Bio’s shareholders except Liaoning Chengda will purchase 183,971,587 shares of the company for RMB 25.51 (USD3.49) apiece, amounting to RMB 4.7 billion (USD644 million).-Fineline Info & Tech
