Meinian Onehealth sweetens bid for iKang

Meinian Onehealth Healthcare and a group of investors have sweetened their offer to buy iKang Healthcare Group ($KANG), raising their bid to $23.50 per American Depositary Share (ADS) from the original bid of $22 per ADS. The investors include units of Ping An Insurance, Taiping Asset Management, Huatai Ruilian Fund Management, Sequoia China Investment Management and Cathay Capital Private Equity. The new bid is about 46.2% above iKang's last closing price on Aug. 28 and also comes after iKang announced it had created a poison-pill antitakeover defense. "We are optimistic about the potential of China's preventive health industry," Yu Rong, CEO of Meinian, said in a company release. "We believe that there are huge untapped market opportunities, and that the sector has entered a phase of industry consolidation." Meinian has more than 130 medical exam centers in about 80 cities throughout China and claims to have a customer base of 10 million. It was founded in 2004. In 2014 iKang went public in the U.S. on Nasdaq and raised $153 million while Meinian became listed in Shenzhen via a reverse merger with Jiangsu Sanyou Group. Release

Suggested Articles

Merck KGaA is selling a manufacturing site and its Allergopharma allergy drug business as it focuses on newer meds.

In a first, the FDA and Indian oversight agencies worked together to block illegal drugs from entering the U.S. 

North Carolina is providing some financial assistance for the construction of Audentes gene therapy facility in Sanford, North Carolina. (Astellas)