mbk-partners-pursues-chinese-pharmaceuticals-firm

MBK Partners pursues Chinese pharmaceuticals firm

The private equity firm will acquire Singapore-listed Chinese drug maker, AsiaPharm, for $252 million. Shareholders respond by pushing the traded share price up to near offer level.

Sameera Anand

February 11, 2008

North Asia focused private equity firm, MBK Partners, has announced its tender offer to buy 100% of AsiaPharm Group and delist the target at an equity value of S$357.4 million $252 million. The price is a 20 times earnings multiple and around a 30% premium to AsiaPharm's recent traded prices.

MBK, which is most closely associated with partner Michael Kim who is ex-Carlyle, is making the offer in consortium with members of the management team of AsiaPharm, executive chairman, Liu Dianbo, and executive directors, Yuan Huixian and Yang Rongbing. The controlling shareholders of AsiaPharm, including the three acting in concert and others, have agreed to tender their holding of...

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