The Asian private equity arm of Morgan Stanley and a group of management shareholders yesterday announced that their offer to take Singapore-listed Sihuan Pharmaceutical Holdings Group private has been declared unconditional in all respects, meaning the buyout will go ahead.
The offering, which values the Chinese drug company at S$458 million $318 million, will be the first successful take-private deal in Asia this year. However, the buyers had a good starting point since the company executives who have lined up with Morgan Stanley Private Equity Asia MSPEA in a consortium, already owed 76.6% of the company. Executive chairman Che Fengsheng who is the controlling shareholder of the holding...
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