A consortium led by founder Ge Li is only a step away from taking Wuxi PharmaTech private in a $3.3 billion deal after two proxy advisory firms recommended shareholders of the New York-listed pharmaceutical company vote for the privatisation proposal.
Glass Lewis and Institutional Shareholder Services both advised shareholders to approve the deal, Wuxi PharmaTech said in a statement Wednesday.
In the proposal tabled on April 29 the consortium offered to take the company private for a cash consideration of $46 per American Depositary Share, equating to a 16.5% premium over the last closing price. It is the second attempt to de-list the company since...
¬ Haymarket Media Limited. All rights reserved.
