Mindray committee to mull management’s takeover bid

Mindray Medical (NYSE:MR) said it formed a special committee to consider the $3.5 billion buyout offer made this month by its top executives.

Co-CEOs Li Xiting and Cheng Minghe and chairman Xu Hang offered $30 per share for the Mindray stake they don’t already own. Today the company said it formed a committee of 3 independent directors to “exclusively evaluate and, if appropriate, negotiate the Proposed Transaction on behalf of the Company and to consider other strategic options.” The board members named to the committee are Ronald Ede, Kern Lim and Qiyao Wu, the Chinese medical device company said.

The committee tapped Lazard Asia (Hong Kong) as its independent financial advisor and Shearman & Sterling as its U.S. legal counsel, Mindray said.

“The company cautions its shareholders and others considering trading in its securities that neither the special committee nor the board has set a definitive timetable for the completion of its evaluation of the proposed transaction or any other alternative transaction and the company does not currently intend to announce developments unless and until an agreement has been reached,” Mindray said. “However, there can be no assurance that any definitive offer will be made, that any agreement will be executed or that the proposed transaction or any other transaction will be approved or consummated.”

Hang, Minghe, Xiting and entities they control collectively own some 63.7% of Mindray’s voting shares, according to regulatory filings.

The post Mindray committee to mull management’s takeover bid appeared first on MassDevice.

from MassDevice http://ift.tt/1NaHyv9