Tongjitang Pharmaceuticals (TCM)

[surf1944]

ADS (TCM) 6.59 : Co announces that it had received a letter dated March 9, 2008, proposing to acquire all of the outstanding ordinary shares of the co in a scheme of arrangement transaction under Cayman Islands law that would result in the co becoming privately-held. The proposal is from Mr. Xiaochun Wang, chairman of the board of directors and chief executive officer of the co, and Mr. Yongcun Chen, a director of the co. Mr. Wang and Mr. Chen propose to pay US$2.55 in cash for each outstanding share of the Company (or US$10.20 per ADS).