U.S.-listed iKang ($KANG) remains in play, according to a report, even after an offer earlier this month that suggested a Jack Ma-linked investment firm had won a bidding war for the operator of health clinics in China.
Chinese online news and data service Caixin said China Life Insurance has bid "slightly higher" than $20 per American Depositary Share (ADS), creating another variation on an earlier offer.
Earlier this month, Yufeng, backed by Alibaba ($BABA) founder Ma, announced an all-cash offer of $20-$25 per ADS on its own, beating a management-led bid of $17.80 per ADS made nearly a year ago.
The range of the bid also potentially took it above an offer by Menian Onehealth of $23.50 per ADS late last year and seemed to settle the protracted fight. Menian OneHealth is a rival to iKang in the health clinic business in China.
But according to Caixin, China Life said it remained in the game, even if management has dropped its offer. Earlier this month, iKang founder Zhang Ligang said the protracted battle had damaged operational continuity.
- here's the Caixin story
Meinian Onehealth sweetens bid for iKang