TPG, Fosun’s Privatization Target Chindex Receives Higher Takeover Proposal

NASDAQ-listed Chindex International, Inc., the operator of high-end United Family hospitals in China, says the company has received a superior take-private proposal from an unspecified financial bidder, according to a company release.

The new bidder is willing to pay US$23 per share for all outstanding American Depository Shares (ADS), valuing the company at around US$414 million.

This February, Chindex entered into an agreement with a group of investors, including TPG Capital, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., as well as Chindex’s founder and CEO, Roberta Lipson, to take the company private at US$19.5 per share.

That deal values Chindex at US$369 million.

Now, the original buyers have the right to revise its bid. Any proposal would still have to be approved by public shareholders.

Chindex currently operates United Family hospitals in Beijing, Shanghai, Tianjin and Guangzhou in China.

China Expert network