Simcere Pharma Shareholders OK Chairman's Offer To Take Company Private

(RTTNews) - China-based Simcere Pharmaceutical Group (SCR) announced Thursday that, at an extraordinary general meeting held today, its shareholders voted in favor of the proposal to authorize and approve the previously announced Agreement and Plan of Merger dated August 28, 2013.

According to the company, about 81.6% of the Company's total outstanding ordinary shares voted in person or by proxy at today's extraordinary general meeting. Of these ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 99.84% were voted in favor of the proposal to authorize and approve the Merger Agreement and any and all transactions contemplated by the Merger Agreement, including the Merger.

The parties expect to complete the Merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement.

Once completed, the deal will result in Simcere Pharma becoming a privately-held company and its ADSs will no longer be listed on the New York Stock Exchange.

In August, Simcere Pharmaceutical said that it agreed to go private in a deal, under which a consortium led by its founder Chairman Jinsheng Ren would acquire the firm for $4.83 per ordinary share or $9.66 per American depositary share, each representing two shares.

In March, Jinsheng Ren and his affiliate, New Good Management Limited, and Assure Ahead Investments Limited, an affiliate of Hony Capital II, L.P., proposed to acquire all the remaining shares of Simcere Pharma not beneficially owned by them for $4.78 per share or $9.56 per ADS.