final-extension-for-asiapharm-takeover-set-for-may-22

Final extension for AsiaPharm takeover set for May 22

MBK Partners stands firm on its takeover offer which, as of April 30, had been accepted by 77.19% of AsiaPharmÆs shareholders. Templeton remains opposed to the deal.

By Rita Raagas De Ramos

May 06, 2008

Private equity firm MBK PartnersÆ takeover offer for Singapore-listed drug company AsiaPharm Group has been extended to May 22, according to ABN Amro Bank, which is advising MBK on the deal.

MBK Partners has stood firm on the S$0.725 $0.53 per share offer price of Lu Ye Pharmaceutical Investment, which it controls, in a deal valued at S$357.4 million $262.6 million. The offer had been accepted by 77.19% of AsiaPharmÆs shareholders as of April 30. This includes AsiaPharm executivesÆ combined 44.17% stake in the company they have agreed to swap their shares for an interest in a new holding company to be set up by MBK Partners.

AsiaPharm closed at...

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