Mindray shareholders OK managers go-private buyout

Shareholders in Mindray Medical (NYSE:MR) voted today to approve the $3.3 billion proposal that would see the Chinese medical device company’s managers take it private.

Mindray said the $28-per-share deal is expected to close in March. Some 77.3% of the total outstanding shares were voted in the poll, with 82.6% of those voting to approve the transaction.

Co-CEOs Li Xiting and Cheng Minghe and chairman Xu Hang offered $30 per share, or $3.5 billion, in early June. The trio later lowered that bid to $27 per share, or $3.15 billion, before the parties agreed last November on $28 per share.

Li, Cheng and Xu and entities they control already collectively owned some 63.7% of Mindray’s voting shares.

The post Mindray shareholders OK managers go-private buyout appeared first on MassDevice.

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