China’s CNinsure Inc. has received a $953 million offer to go private, Reuters reported. The offer came from a consortium of investors, led by the company’s chief executive, including TPG Asia, Kingsford Resources Ltd., and CDH Inservice Ltd. At $19 per share, the offer represents a 44% premium over the company’s closing price Friday. CNinsure is a property, casualty and life insurer.
(Reuters) – Chinese property, casualty and life insurer CNinsure Inc said a consortium led by its Chief Executive Yinan Hu proposed to take the company private in a deal valued at $953 million.
The offer of $19 per American depositary share in cash by TPG Asia; Kingsford Resources Ltd, a company controlled by CNinsure’s CEO; and CDH Inservice Ltd represents a premium of 44 percent to the stock’s Friday close.
Hu and CDH currently own about 34.3 percent of the company’s outstanding ordinary shares.
The board is evaluating the proposal and is yet to make a decision, the company said.
Shares of CNinsure were trading up 30 percent at $17 in trading before the bell. (Reporting by Aditi Sharma; Editing by Maju Samuel)
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