China Nuokang Bio-Pharmaceutical Inc. (NKBP) Announces Receipt of "Going Private" Proposal
5/9/2012 10:05:19 AM
BEIJING, May 9, 2012 (GLOBE NEWSWIRE) -- China Nuokang Bio-Pharmaceutical Inc. (Nasdaq:NKBP) ("Nuokang" or the "Company"), a leading China-based biopharmaceutical company focused on the research, development, manufacture, marketing and sales of hospital-based medical products, today announced that its board of directors has received a preliminary, non-binding proposal from Mr. Baizhong Xue, chairman of the board and chief executive officer of Nuokang, to acquire all of the outstanding ordinary shares of the Company not currently owned, legally or beneficially, by Mr. Xue and companies controlled by Mr. Xue in cash at a proposed price of $5.80 per American depositary share (each outstanding Nuokang American depositary share represents eight Nuokang ordinary shares). Mr. Xue currently beneficially owns approximately 61.2% of the Company's ordinary shares (excluding share options of the Company). Please refer to the enclosed Exhibit A for a copy of the proposal.