Mindray Medical closes $3B go-private deal

Mindray Medical said yesterday that it closed the $3.3 billion go-private deal the Chinese medical device company inked with its managers.

The $28-per-share deal means MR shares have ceased trading on the New York Stock Exchange, the Shenzhen-based company said.

Co-CEOs Li Xiting and Cheng Minghe and chairman Xu Hang offered $30 per share, or $3.5 billion, in early June 2015. 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 when they initiated the deal.

Lazard Asia (Hong Kong) advised Mindray’s board, with Shearman & Sterling as U.S. legal counsel and Walkers as Cayman Islands counsel. Skadden, Arps, Slate, Meagher & Flom were counsel Li, Xu and Cheng, with Conyers Dill & Pearman as Cayman Islands counsel, Mindray said.

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