China Biologic Products Holdings Inc (CBPO.O) on Monday received a $3.9 billion all-cash offer from a consortium of investment firms led by the company’s former chief executive David Gao.
The consortium, which includes GL Capital Group, Bank of China Group Investment Limited and CDH Investments, said it offered $118 per share, which represents a premium of 28.3 percent to China Biologic’s Friday closing price.
The company’s U.S.-listed shares rose 12 percent to $103.01 in premarket trading.
Gao owns 1.3 percent stake in the company that makes and sells plasma products such as human immunoglobin to prevent diseases such as measles and hepatitis. He was its chairman and chief executive until July 2018.
In June, Chinese investment firm CITIC Capital Holdings had made a cash offer to buy the company for $110 per share, valuing at $3.65 billion.
The consortium said it plans to fund the transaction with a combination of debt and equity capital with Goldman Sachs as its financial adviser.
Skadden, Arps, Slate, Meagher & Flom LLP is the consortium’s legal adviser in the United States and Conyers, Dill & Pearman is its Cayman Islands legal adviser.