ShangPharma Corporation (SHP)

[surf1944]

7:40AM ShangPharma announces receipt of 'going private' proposal at $8.50 to $9.50 per ADS (SHP) 6.80 : Co announced that its Board of Directors has received a non-binding proposal letter dated July 6, 2012 from its Chairman and Chief Executive Officer, Mr. Michael Xin Hui, and entities affiliated with him, and TPG Star Charisma Limited and its affiliates to acquire all of the outstanding shares of ShangPharma not currently owned by Founder or TPG in a going private transaction for between $8.50 and $9.50 per American Depositary Share in cash, subject to certain conditions. Founder and TPG currently own ~ 54% and 11% of ShangPharma's ordinary shares, respectively. According to the proposal letter, the acquisition is intended to be financed through a combination of debt and equity capital, with definitive commitments for the required debt and equity funding expected to be in place, subject to the terms and conditions set forth therein, when the definitive agreements with respect to the acquisition and related transactions are signed. ShangPharma's Board of Directors has formed a special committee of independent directors consisting of three independent directors, Mr. Julian Ralph Worley, Mr. Yuk Lam Lo and Mr. Benson Tsang, to consider this proposal. The Independent Committee will retain a financial advisor and legal counsel to assist it in its work.

sell it ASAP, this is the top