Sinopharm’s China TCM Buyout Bid Lapses Without Regulatory Nods

Bloomberg10-18

(Bloomberg) -- China National Pharmaceutical Group Co.’s latest attempt to take China Traditional Chinese Medicine Holdings Co. private has fallen through as it was unable to secure necessary ...

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The joint statement did not identify which regulator didn’t approve the deal.In February, Sinopharm offered HK$4.6 per share in cash, or HK$15.6 billion ($2 billion) in total, to take the Hong Kong-listed drugmaker unit private. The lapse of the Sinopharm’s privatization bid for China TCM marks another setback for the company after it abandoned a previous attempt to do so in 2022. Bloomberg News reported in 2022 that state-backed Sinopharm was discussing an offer of about HK$6 a share. Sinopharm may not make another privatization attempt within the next 12 months under the existing takeovers code in Hong Kong. ©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2476025559"}