6th Feb 2017 15:56
LONDON (Alliance News) - China-based pharmaceutical company Taihua PLC on Monday proposed a tender offer to buy up to 22.5% of each eligible shareholder's stake at 3.28 pence per share.
Shares in Taihua were up 5.6% at 3.30p on Monday afternoon. Taihua said the tender price represented around a 5.0% premium to the closing mid-market price on Friday.
The tender offer, which launched on Monday, is being made available to all shareholders who are on the register at the close of business on February 20, though not holders in certain overseas jurisdictions. The group was granted the authority to purchase up to 8.2 million of its shares in August last year.
The tender offer is being made by Taihua's corporate broker Daniel Stewart & Co PLC, Taihua said.
By Hannah Boland; [email protected]; @Hannaheboland
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